The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.


Two Lucky People: Memoirs (ed. University of Chicago Press, 1999) - ISBN: 9780226264158

Milton Friedman Quotes

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major...

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major...

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major...

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major...