“The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.”

— Ben Bernanke

"A Crash Course for Central Bankers," Foreign Policy (September/October 2000)

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Ben Bernanke 10

American economist 1953

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“Maitreya will present the nations with an alternative way of living, of conducting economic and political affairs... The new government which will emerge after the stock market crash will reflect the will of the people and stand for the people.”

Benjamin Creme (1922–2016) artist, author, esotericist

Source: Maitreya's Mission Vol. II (1993), After the stock markets collapse, Chapter 4, Economic Change

“[After the stock-markets crash] the number one priority will be the provision of adequate food for all the people; two, the provision of adequate housing for all the people; thirdly, the provision of adequate healthcare and education for all the people. These are the basic human rights needed everywhere by all people, yet there is no country in the world in which all of these pertain as a universal right. When the economic collapse occurs, humanity will begin to recognize its oneness, and the need to co-operate and share the world’s resources.Maitreya will present the nations with an alternative way of living, of conducting economic and political affairs... The new government which will emerge after the stock market crash will reflect the will of the people and stand for the people.”

Benjamin Creme (1922–2016) artist, author, esotericist

Source: Maitreya's Mission Vol. II (1993), Chapter 4, Economic Change

“The coming stock market crash will inevitably cause much unemployment. This will lead to a complete change of government priorities: the supplying of adequate food, shelter, health-care and education will become paramount responsibilities of all forward looking nations. The waste of resources as today, in armaments and competitive practices, will cease. A rational and sustainable economic structure based on sufficiency will become the norm. Leisure will be the natural by-product of such a structure. p.156”

Benjamin Creme (1922–2016) artist, author, esotericist

Source: Maitreya's Mission Vol. II (1993), After the stock markets collapse

“Economic history matters. Students of economics should read Charles MacKay and Charles Kindleberger, and should study the history of the Wall Street Crash as well as the theory and the mathematics required to formalize it.”

Adair Turner, Baron Turner of Ecchinswell (1955) British businessman

Source: Economics after the crisis : objectives and means (2012), Ch. 2 : Financial Markets: Efficiency, Stability, and Income Distribution

“We're in a bubble right now. And the only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2016, September, First presidential debate (September 26, 2016)
Context: We have the worst revival of an economy since the Great Depression. And believe me: We're in a bubble right now. And the only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down.

“In central banking circles, it is viewed as obvious that the accumulation and destruction of reputational capital more closely resembles adaptive than rational expectations — it lags behind reality. Here, I think, the central bankers are closer to the truth than the economic theorists.”

Alan Blinder (1945) economist

Source: Central Banking in Theory and Practice. 1998, p. 52

“When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened.”

Joe Biden (1942) 47th Vice President of the United States (in office from 2009 to 2017)

Interview with CBS Evening News. CBS Evening News http://cbs2.com/politics/joe.biden.interview.2.823202.html, September 22, 2008
2000s

“Probably nothing strengthened the impetus of socialists toward bureaucratic centralization more than their implacable rejection of economic controls in general and the market in particular.”

Robert A. Dahl (1915–2014) American political scientist

After the Revolution? (1970; 1990), Ch. 4 : From Principles to Problems

“One recent history of economic thought (Jürg Niehans’s A History of Economic Theory) devotes twenty-four pages to Samuelson’s ideas. Adam Smith only gets thirteen. Samuelson’s work on stock markets and the random walk takes up less than two of those twenty-four pages. He was “the last generalist in economics,” as he liked to say, and for him financial market studies were just a side project that he at times seemed deeply ambivalent about. His intervention was, however, crucial to the triumph of the random walk. Here was one of the most important economists of all time, and he didn’t think the relationship between coin flips and the stock market was a dinner-speech triviality.”

Justin Fox (1964) American journalist

Justin Fox, Myth of Rational Market (2009), Ch. 4 : A Random Walk from Paul Samuelson to Paul Samuelson

“Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.”

Richard Arnold Epstein (1927) American physicist

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 296

“The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.”

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Ben Bernanke 10

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