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.
Ben Bernanke versus Milton Friedman
The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner
By Jeffrey Rogers Hummel
This
article
appeared in
the Spring 2011 issue of The Independent Review.
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(34 pages)
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