If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
From Ben Bernanke
I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
The Federal Reserve can only buy Treasuries and agencies, and moreover quantitative easing typically involves buying longer-term Treasuries and agencies in terms of bills, for example.
A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
Developments in financial markets can have broad economic effects felt by many outside the markets.
In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
I've never been on Wall Street. And I care about Wall Street for one reason and one reason only because what happens on Wall Street matters to Main Street.
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