Bernanke urges soft hand in globalization
Argues for work retraining programs and other ways to ease pain caused by economic shifts; no comments on interest rates or inflation.

NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke urged policymakers and the nation at large Friday to embrace the global economy and help those hurt by shifting economic patterns, saying disruptions caused by lost jobs or declining profits in some industries would be offset by stronger overall growth.

Speaking at the Federal Reserve bank of Kansas City's Economic Symposium in Jackson Hole, Wyo., Bernanke avoided any specific talk on interest rates, inflation or the pace of economic growth, instead focusing on the long term benefits of globalization.

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Federal Reserve Chairman Ben Bernanke

"The potential benefits of increased global economic integration are large indeed," said Bernanke in prepared remarks. But "social and political opposition to rapid economic integration has also emerged."

He urged expanding work retraining programs and other social programs to ease the disruptions caused by a changing global economic environment.

"The challenge for policy-makers is to ensure that the benefits of global economic integration are sufficiently widely shared (so) a consensus for welfare-enhancing change can be obtained," he said.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.