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[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.

Ben Bernanke

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
BEN BERNANKE

Depression Financial Great Result
September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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Financial October September
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve’s other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
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Employment Important Long
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.
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Gold People Standard
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
BEN BERNANKE

Fundamental Past Strong Years
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
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Lessons Long Recovery
The Fed is totally open.
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Fed Feel Open Totally
It is not the responsibility of the Federal Bank – nor would it be appropriate – to protect lenders and investors from the consequences of their decisions
BEN BERNANKE

Decision Economics Responsibility
The Federal Reserve is not currently forecasting a recession.
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Federal Forecasting Recession Reserve
If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
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Achievement Not Happy Satisfaction
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
BEN BERNANKE

Choices Fields Past
Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.
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Economy Risk Struggle
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.
BEN BERNANKE

Long might Running
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
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Financial Impact Problem
If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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Depression Earthquake Want
I don’t fully understand movements in the gold price.
BEN BERNANKE

Gold Movement Price

[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.

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[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.

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