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The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

Ben Bernanke

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
BEN BERNANKE

Depression Earthquake Want
…the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals
BEN BERNANKE

Goal Investing Levels
Not all information is beneficial.
BEN BERNANKE

Beneficial Information
I come from Main Street, from a small town that’s really depressed.
BEN BERNANKE

Main Street Small Towns
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
If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy’s greatest contribution to general economic prosperity and maximum employment.
BEN BERNANKE

Employment Focus Long
The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
BEN BERNANKE

Demand Path Risk
I don’t fully understand movements in the gold price.
BEN BERNANKE

Gold Movement Price
How much would you pay to avoid a second Depression?
BEN BERNANKE

Borrow Depression Great Pay
The Federal Reserve is not currently forecasting a recession.
BEN BERNANKE

Federal Forecasting Recession Reserve
The Fed is totally open.
BEN BERNANKE

Fed Feel Open Totally
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
In fact, the world needs more nerds.
BEN BERNANKE

Needs Nerd World
It takes about two and a half percent growth just to keep unemployment stable.
BEN BERNANKE

Growth Two Unemployment
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow.
BEN BERNANKE

Kind Success Years
A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
BEN BERNANKE

Cutting Helicopters Milton

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

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The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

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