A Quote by Ben Bernanke
The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.
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The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.
I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible.
We can't have extraordinary dynamism, innovation, and change in the economy and expect to have predictability and stability in our personal lives. It's not as if there are these big, giant institutions existing between us and the economy. In fact, these institutions have become tissue-thin. There is no mediation anymore. We are the economy; the economy is us.
You can't look back at the worst financial crisis of our lifetimes that started in 2008 and not have some important lessons about the critical nature of oversights in financial markets and institutions.
It's important to recognize the vital role that the financial markets play in our economy and that so many of you are contributing to. To function effectively those markets and the men and women who shape them have to command trust and confidence, because we all rely on the market's transparency and integrity. So even if it may not be 100 percent true, if the perception is that somehow the game is rigged, that should be a problem for all of us, and we have to be willing to make that absolutely clear.
At their best, religious and spiritual communities help us discover this pure and naked spiritual encounter. At their worst, they simply make us more ashamed, pressuring us to cover up more, pushing us to further enhance our image with the best designer labels and latest spiritual fads, weighing us down with layer upon layer of heavy, uncomfortable, pretentious, well-starched religiosity.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
At the moment we are hard-wired into the European markets - 50% of our exports go to Europe - and that has not been good for the UK. So I'm not saying "make Britain entirely dependent on China". I'm saying "let's diversify a bit". When I became chancellor, China was our ninth largest trading partner. This is the world's second biggest economy. China was doing more business with Belgium than it was with Britain.
Being in the consumer business helps us groom talent in areas like marketing, finance and logistics. We can benchmark our outsourcing business to our consumer business and its best practices.
A lot has been done to improve safety and soundness and confidence in financial markets and financial institutions, a lot of which was necessary.
When I was in government, the South African economy was growing at 4.5% - 5%. But then came the global financial crisis of 2008/2009, and so the global economy shrunk. That hit South Africa very hard, because then the export markets shrunk, and that includes China, which has become one of the main trade partners with South Africa. Also, the slowdown in the Chinese economy affected South Africa. The result was that during that whole period, South Africa lost something like a million jobs because of external factors.
Well, the U.S., of course, is the world's largest economy. It's about a quarter of the world's output. It's also home to many of the largest financial institutions and financial markets.
Keep in mind that, when I came in, we had had a crisis that was the worst we've seen since the 1930s, and working with people like Chancellor Merkel, working with the G-20 and other institutions internationally, we were able to stabilize the financial system, stabilize the US economy and return to growth.
Taxing financial markets, promoting research and development, and mobilising investments: that means learning our lessons from the financial market crisis and changing our focus.
In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.
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