--- title: "Meaning & Key Takeaway of: The one thing people don't appreciate, I…" description: "\"The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.\" — Ben Bernanke" image: "https://sms4smile.com/quotes/i/6ab/ben-bernanke-1388_banking_the-one-thing-people-don-t-appreciate-i_1098749.png" --- # The one thing people don't appreciate, I think, is that… ![“The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.” quote by Ben Bernanke](https://sms4smile.com/quotes/i/6ab/ben-bernanke-1388_banking_the-one-thing-people-don-t-appreciate-i_1098749.png) [Download](https://sms4smile.com/quotes/i/6ab/ben-bernanke-1388_banking_the-one-thing-people-don-t-appreciate-i_1098749.png) [Open image](https://sms4smile.com/quotes/i/6ab/ben-bernanke-1388_banking_the-one-thing-people-don-t-appreciate-i_1098749.png) > “The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.” [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Central banking has long existed, contrary to the belief that it is a recent invention, emphasizing its historical continuity. **In simple terms:** Central banking is not new. Key Takeaway Acknowledge the deep roots of financial institutions. Themes history finance institutional continuity myths economics Mood informative thoughtful Type educational historical When to use this quote - financial regulation - academic lectures - public discourse - policy making Key Concepts economic history policy analysis institutional theory Questions to Reflect On - How have central banks evolved? - What lessons can history teach today? A Different Perspective Overemphasis on continuity may ignore modern changes. ★ ★ ★ ★ ★ No ratings yet [Banking](https://sms4smile.com/quotes/about/banking/) [Central bank](https://sms4smile.com/quotes/about/central-bank/) [Central banking](https://sms4smile.com/quotes/about/central-banking/) [Customer](https://sms4smile.com/quotes/about/customer/) [People](https://sms4smile.com/quotes/about/people/) [Time](https://sms4smile.com/quotes/about/time/) ## Related quotes > [When you own gold you're fighting every central bank in the world. 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On…](https://sms4smile.com/quotes/abdul-aziz-al-ghurair/in-the-u-a-e-we-were-the-least-regulated-environment-in-the-region/) [Abdul Aziz Al Ghurair](https://sms4smile.com/quotes/author/abdul-aziz-al-ghurair/) > [Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.](https://sms4smile.com/quotes/jerome-powell/central-banking-often-comes-across-as-obscure-and-complicated-and-we/) [Jerome Powell](https://sms4smile.com/quotes/author/jerome-powell/) > [There have been three great inventions since the beginning of time: fire, the wheel, and central banking.](https://sms4smile.com/quotes/will-rogers/there-have-been-three-great-inventions-since-the-beginning-of-time/) [Will Rogers](https://sms4smile.com/quotes/author/will-rogers/) > [Community development has a long history of innovation and learning from experience.](https://sms4smile.com/quotes/ben-bernanke/community-development-has-a-long-history-of-innovation-and-learning/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The movement toward a holistic approach to community development has been long in the making, but the housing crisis has motivated further progress.](https://sms4smile.com/quotes/ben-bernanke/the-movement-toward-a-holistic-approach-to-community-development-has/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the…](https://sms4smile.com/quotes/ben-bernanke/clear-communication-is-always-important-in-central-banking-but-it-can/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system.](https://sms4smile.com/quotes/ben-bernanke/central-bankers-got-it-right-in-the-united-states-in-1987-when-they/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [“Every major war in American history, except the Mexican and Spanish-American, has either led to central banking or resulted from it. Central banking and…](https://sms4smile.com/quotes/mark-david-ledbetter/every-major-war-in-american-history-except-the-mexican-and-spanish/) [Mark David Ledbetter](https://sms4smile.com/quotes/author/mark-david-ledbetter/) > [“However, after several false starts and with the lessons of history fading, America, too, would finally create a permanent central bank, in 1914. For…](https://sms4smile.com/quotes/mark-david-ledbetter/however-after-several-false-starts-and-with-the-lessons-of-history/) [Mark David Ledbetter](https://sms4smile.com/quotes/author/mark-david-ledbetter/) > [The Central Bank is an institution of the most deadly hostility existing against the principles and form of our Constitution.](https://sms4smile.com/quotes/thomas-jefferson/the-central-bank-is-an-institution-of-the-most-deadly-hostility/) [Thomas Jefferson](https://sms4smile.com/quotes/author/thomas-jefferson/) > [War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a…](https://sms4smile.com/quotes/murray-rothbard/war-has-generally-had-grave-and-fateful-consequences-for-the-american/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) ## More by Ben Bernanke > [If Wall Street crashes, does Main Street follow? Not necessarily.](https://sms4smile.com/quotes/ben-bernanke/if-wall-street-crashes-does-main-street-follow-not-necessarily/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Federal Reserve is not currently forecasting a recession.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-is-not-currently-forecasting-a-recession/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.](https://sms4smile.com/quotes/ben-bernanke/we-do-not-expect-significant-spillovers-from-the-subprime-market-to/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [In the past, Federal Reserve chairmen have not generally gone directly to the public.](https://sms4smile.com/quotes/ben-bernanke/in-the-past-federal-reserve-chairmen-have-not-generally-gone-directly/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds…](https://sms4smile.com/quotes/ben-bernanke/the-depression-was-an-incredibly-dramatic-episode-an-era-of-stock/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Community development has a long history of innovation and learning from experience.](https://sms4smile.com/quotes/ben-bernanke/community-development-has-a-long-history-of-innovation-and-learning/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can…](https://sms4smile.com/quotes/ben-bernanke/to-be-sure-the-provision-of-liquidity-alone-can-by-no-means-solve-the/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a…](https://sms4smile.com/quotes/ben-bernanke/consumers-going-through-foreclosure-typically-will-see-their-credit/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.](https://sms4smile.com/quotes/ben-bernanke/if-you-are-not-happy-with-yourself-even-the-loftiest-achievements-won/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [High levels of homeownership have been shown to foster greater involvement in school and civic organizations, higher graduation rates, and greater neighborhood stability.](https://sms4smile.com/quotes/ben-bernanke/high-levels-of-homeownership-have-been-shown-to-foster-greater/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-has-the-capacity-to-operate-in-domestic-money/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The Federal Reserve will not monetize the debt.](https://sms4smile.com/quotes/ben-bernanke/the-federal-reserve-will-not-monetize-the-debt/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social…](https://sms4smile.com/quotes/ben-bernanke/to-avoid-large-and-unsustainable-budget-deficits-the-nation-will/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars…](https://sms4smile.com/quotes/ben-bernanke/the-u-s-government-has-a-technology-called-a-printing-press-or-today-2/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) [Explore all 247 Ben Bernanke quotes ](https://sms4smile.com/quotes/author/ben-bernanke/) ## More Banking quotes > [If I could wave a magic wand, I'd break up the banking system.](https://sms4smile.com/quotes/kenneth-c-griffin/if-i-could-wave-a-magic-wand-i-d-break-up-the-banking-system/) [Kenneth C. Griffin](https://sms4smile.com/quotes/author/kenneth-c-griffin/) > [Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and…](https://sms4smile.com/quotes/john-adams/historically-usury-was-defined-as-any-interest-whatever-on-an/) [John Adams](https://sms4smile.com/quotes/author/john-adams/) > [I am alive. Up here with the song of the engine and the air whispering on my face as the sunlight and shadows play…](https://sms4smile.com/quotes/stephen-coonts/i-am-alive-up-here-with-the-song-of-the-engine-and-the-air-whispering/) [Stephen Coonts](https://sms4smile.com/quotes/author/stephen-coonts/) > [It's not that I have any general aversion to technology but online banking just seems to be asking for trouble. 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