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 banks disastrous mistake. That difference helps explain Bernankes eagerness for the Fed to play a larger role in centrally planning the U.S. economy.
Ben Bernanke versus Milton Friedman
The Federal Reserves Emergence as the U.S. Economys Central Planner
By Jeffrey Rogers Hummel
This
article
appeared in
the Spring 2011 issue of The Independent Review.
Banking and FinanceBureaucracy and GovernmentBusiness and EntrepreneurshipEconomic History and DevelopmentEconomic PolicyEconomistsEconomyFiscal Policy/DebtGovernment and PoliticsGovernment Waste/PorkPhilosophy and Religion
Other Independent Review articles by Jeffrey Rogers Hummel | ||
Winter 2022/23 | Operation Keelhaul: Forced Repatriation after World War II | |
Spring 2014 | The Inevitability of a U.S. Government Default | |
Spring 2001 | The Will to Be Free: The Role of Ideology in National Defense | |
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