Customer Quote by Milton Friedman
““Had the Federal Reserve System never been established, and had a similar series of runs started, there is little doubt that the same measures would have been taken as in 1907—a restriction of payments.””
About This Quote
Source Book: Capitalism and Freedom, 1962
If the Federal Reserve never existed, similar financial crises would still trigger restrictive payment measures like those in 1907.
In simple terms: Banking crises would still lead to payment restrictions.
Key Takeaway
Expect similar responses to crises.
Themes
finance
history
policy
Mood
analytical
historical
Type
economic
policy
When to use this quote
- banking regulation
- crisis management
- economic research
Key Concepts
monetary theory
financial stability
Questions to Reflect On
- What alternatives could prevent such restrictions?
- How do modern tools change the response?
A Different Perspective
Assumes no alternative mechanisms would emerge.
