Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression. — Milton Friedman Copy Share Image
The case against a fully independent central bank is strong indeed. — Milton Friedman Copy Share Image
Inflation is a monetary phenomenon. It is made by or stopped by the central bank. — Milton Friedman Copy Share Image
“Had the Federal Reserve System never been established, and had a similar series of runs started, there is little doubt that the… — Milton Friedman Copy Share Image
The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than… — Milton Friedman Copy Share Image
If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher… — Milton Friedman Copy Share Image
The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate,… — Milton Friedman Copy Share Image
I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money… — Milton Friedman Copy Share Image
When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate… — Milton Friedman Copy Share Image
The Federal Reserve the privately owned U.S. central bank definitely caused The Great Depression by contracting the amount of currency in circulation… — Milton Friedman Copy Share Image
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of… — Milton Friedman Copy Share Image
No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that… — Milton Friedman Copy Share Image
The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a… — Milton Friedman Copy Share Image
I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the… — Milton Friedman Copy Share Image
If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange… — Milton Friedman Copy Share Image
What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and… — Milton Friedman Copy Share Image
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market… — Milton Friedman Copy Share Image
What central banks can control is a base and one way they can control the base is via manipulating a particular interest… — Milton Friedman Copy Share Image
Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy,… — Milton Friedman Copy Share Image
The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in… — Milton Friedman Copy Share Image
Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in… — Milton Friedman Copy Share Image
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more… — Milton Friedman Copy Share Image
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more… — Milton Friedman Copy Share Image
No major institution in the US has so poor a record of performance over so long a period as the Federal Reserve,… — Milton Friedman Copy Share Image
There's only one thing that all of the central banks control and that is the base, their own liability, and they can… — Milton Friedman Copy Share Image
The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over… — Milton Friedman Copy Share Image
My monetary studies have led me to the conclusion that central banks could profitably be replaced by computers geared to provide a… — Milton Friedman Copy Share Image
I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions… — Milton Friedman Copy Share Image
The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is… — Milton Friedman Copy Share Image
The government solution to a problem is usually as bad as the problem. — Milton Friedman Copy Share Image
I believe the role that people like myself have played in the transformation of public opinion has been by persistently presenting a different point… — Milton Friedman Copy Share Image
To really understand something you've got to reduce it to its principles. — Milton Friedman Copy Share Image
It is a mark of how far we have gone on the road to serfdom that government allocation and rationing of oil is the… — Milton Friedman Copy Share Image
Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces… — Milton Friedman Copy Share Image
“The people in one district can choose not to reelect their member of Congress, but that will not change the composition of the government… — Milton Friedman Copy Share Image
When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought… — Milton Friedman Copy Share Image
The government doesn't have any money. The only power it has is to take from some and give to others. — Milton Friedman Copy Share Image
What would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?! — Milton Friedman Copy Share Image
World trade depends on differences among countries, not similarities. Different countries are in different stages of development. It is appropriate for them to have… — Milton Friedman Copy Share Image
Is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run… — Milton Friedman Copy Share Image
Well first of all, tell me, is there some society you know of that doesn't run on greed? You think Russia doesn't run on… — Milton Friedman Copy Share Image
![“[U]nemployment is ... a side effect of the cure for inflation.” quote by Milton Friedman](https://sms4smile.com/quotes/img-quotes/d3f/milton-friedman-616_cures_u-nemployment-is-a-side-effect-of-the-cu_1599909.jpg)
