Ben Bernanke: Economics Engine

Ben Bernanke Money Quote saying that learning economics is similar to manufacturing a car while it is being driven. Ben Bernanke said:
 

 

“Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running” — Ben Bernanke

In this quote, Ben Bernanke is acknowledging that economics is a very challenging field to study and understand. He compares comprehending economics to trying to learn how to fix a car while its engine is running, implying it is difficult to fully analyze an economic system when you are inside it as it is constantly changing and evolving in real-time.

Bernanke seems to be suggesting that the dynamic, fluid nature of economic activity makes the subject difficult to grasp, similar to how repairing a running engine would be complicated.

The quote conveys Bernanke’s view that economics is a complex discipline because the “lab” is the real world economy that cannot be paused for examination like an engine can be turned off.

Ben Bernanke: Secure Payments

Ben Bernanke Money Quote saying bitcoin may produce benefits for the financial system and purity of payments. Ben Bernanke said:
 

 

“[Cryptocurrency] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system” — Ben Bernanke

In this quote, Ben Bernanke is acknowledging some potential benefits of cryptocurrency while remaining cautiously optimistic. By noting it “may hold long-term promise,” he suggests cryptocurrency could provide future advantages if certain technological improvements are made.

Bernanke specifically cites faster, more secure and efficient payment systems as innovations that would help realize cryptocurrency’s promise.

The quote implies Bernanke sees merit in cryptocurrency’s underlying blockchain and payment technologies, but only if and when issues around speed, security and efficiency are sufficiently addressed.

Overall, Bernanke appears open to cryptocurrency’s prospects if continued development enhances its functionality as a means of exchange.

Ben Bernanke: Money Helicopter

Ben Bernanke Money Quote saying he’d dump loads of cash from helicopters to revive a flagging economy. Ben Bernanke said:
 

 

“I’d throw dollars out of helicopters if I had to, to stimulate the economy” — Ben Bernanke

In this quote, Ben Bernanke is referring to an unconventional monetary policy known as “helicopter money” or “money-financed fiscal policy.” By stating he would literally drop money from helicopters to stimulate the economy if necessary, Bernanke was suggesting the Federal Reserve would take extreme measures to boost economic activity, including direct money transfers to citizens.

The quote implies Bernanke was committed to using all available tools to support the economy, even hypothetical unprecedented policies like direct cash handouts, rather than accept recession. Overall, Bernanke appears to have been conveying his willingness to take dramatic action if needed to prevent a downturn, through this colorful reference to an extreme form of quantitative easing.