"The Fed was largely responsible for converting what……" — Milton Friedman
"The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government."
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Milton Friedman
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195 Quotes by Milton Friedman
Milton Friedman has 195 quotes on this site.
A few more worth reading:
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When a private enterprise fails, it is closed down; when a government enterprise fails, it is expanded. Isn't that exactly…
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Legalizing drugs would simultaneously reduce the amount of crime and raise the quality of law enforcement. Can you conceive of…
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My major problem with the world is a problem of scarcity in the midst of plenty ... of people starving…
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Freedom in economic arrangements is itself a component of freedom broadly understood, so economic freedom is an end in itself…
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Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or…
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Whenever we depart from voluntary cooperation and try to do good by using force, the bad moral value of force…
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The essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society…
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The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people,…
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Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use…
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Self-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they…
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The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of…
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A society based on the freedom to choose is better than a society based on the principles of socialism, communism…
See all 195 quotes by Milton Friedman »
More Been Quotes
This quote is filed under Been Quotes,
one of 43,316 quotes in that category. Here are a few more:
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I don't think about my previous success. I'm happy that the work I've done has been very successful.
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It is in the very nature of things human that every act that has once made its appearance and has…
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He who is to be a good ruler must have first been ruled.
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Even when laws have been written down, they ought not always to remain unaltered.
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Every art and every inquiry, and similarly every action and choice, is thought to aim at some good; and for…
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I guess I wanted to leave America for awhile. It wasn't that I wanted to become an expatriate, or just…
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Stories in which the destruction of society occurs are explorations of social fears and issues that filmmakers, novelists, playwrights, painters…
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Politics, it seems to me, for years, or all too long, has been concerned with right or left instead of…
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