“What we’re talking about here is credit.” — In this conversation, recorded the day after the announcement from Stockholm, Ben Bernanke stresses the importance of the financial system as a critical part of the broader economy, not just a 'side show'. “That’s the real insight,” he says, “that credit can help provide growth, but if the credit mechanism is badly disrupted it can also be a very adverse development for the economy.” He also talks with Adam Smith about how he approached the challenge of transitioning from academic to practitioner, as Chair of the Federal Reserve: “I tried to keep my focus simultaneously on the very near term, what I had to do next; the next speech, the next testimony, the next decision, while at the same time periodically thinking about the big picture.”

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