In fact, the world needs more nerds.
BEN BERNANKEUnder a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
More Ben Bernanke Quotes
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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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The Fed is totally open.
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A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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Weaker currencies abroad mean a strong dollar, and a stronger dollar, together with a weak global environment, is a drag on the U.S. econom.
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Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
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I don’t fully understand movements in the gold price.
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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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If your uniform isn’t dirty, you haven’t been in the game.
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The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
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The Federal Reserve will not monetize the debt.
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It’s the price of success: people start to think you’re omnipotent.
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The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.
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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.
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I am very proud of my nerd-dom.
BEN BERNANKE