Ilseop Lim

“It is true that Keynes’s ‘model’ was a short-run model, but that’s not because he was interested only in short-run stabilization. He wanted a full employment level of investment in the short-run, so as to get to the long-run quicker.”
― Robert Skidelsky, Money and Government: A Challenge to Mainstream Economics

“In other words, the world will face the threat of financial crises as long as risk-taking and maturity transformation remain central to finance, and as long as humans remain human. Unfortunately, disaster will always be possible.”
― Ben S. Bernanke, First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis

“Low-quality mortgages ended up imperiling the entire financial system—not so much because of the direct losses on the mortgages themselves, which were significant but likely manageable, but because of the securitization boom, which carved those mortgages into securities that became a ubiquitous form of currency and collateral throughout the system.”
― Ben S. Bernanke, First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis

“Even when state money became paper, and therefore intrinsically worthless, it was thought desirable to maintain belief that government notes – promises to pay the bearer – were in fact debt certificates backed by gold. Until 1971, the value of the American dollar was widely believed to depend on its convertibility into gold, as though the value of gold guaranteed the value of paper dollars.”
― Robert Skidelsky, Money and Government: A Challenge to Mainstream Economics