This week, former US Federal Reserve chief Ben Bernanke gave his first speech in Japan, to a group of more than 100 institutional investors, covering his thoughts on deflation, global monetary policy, and job creation.

Hedge fund manager John Paulson, founder of Paulson & Co., also spoke at the event The SkyBridge Global Symposium Tokyo sponsored by the investment firm SkyBridge Capital.

Bernanke told attendees that he believed central banks around the world had the power to fight our current No. 1 economic fear  deflation.

He told attendees that Japan's "Abenomics" policy was working, and that he liked that the Bank of Japan was generating more inflation than the European Central Bank.

ECB head Mario Draghi, he added, should continue to expand the ECB's balance sheet.

As for US policy, Bernanke thinks the Fed still needs to see more job creation before completely altering its policy.

According to a source who was at the speech, Bernanke sounded positive about global prospects in a general sense. The former Fed Chair doesn't believe in secular stagnation, holding that industries like biotech, tech, and energy are poised to create more jobs to the global economy than we expect.

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