Chairman Bernanke agrees with Friedman that the Federal Reserve is largely to blame for the Great Depression, but he draws a different lesson from the central bank’s disastrous mistake. That difference helps explain Bernanke’s eagerness for the Fed to play a larger role in centrally planning the U.S. economy.

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Other Independent Review articles by Jeffrey Rogers Hummel
    Spring 2014   The Inevitability of a U.S. Government Default
    Spring 2001   The Will to Be Free
    Fall 2000   All on Fire
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