Since leaving the Federal Reserve, its former chairman Benjamin Bernanke has been busy making money. He recently became an adviser for Chicago-based hedge fund Citadel and rumor has it he makes $200,000 for every public speech he gives.
We don’t know whether Fudan University paid as much during his appearance at its Shanghai Forum, but his candid talk certainly would have been worth the money, although a bit behind the curve.
“China needs to avoid currency mismatch as it opens its capital account,” Bernanke said on Monday. “For a currency to be internationally traded, what you need most is liquid markets. A deep market means people can get their money out.”
And people are getting their money out in droves. Gone are the times when people incessantly complained about the Chinese currency being undervalued. Now even Bernanke said it might drop in value.
