"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."
Milton Friedman
(1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, "ultimate guru of the free-market system"
Two Lucky People, 233
Bookmark and Share  
Reader comments about this quote:
Will Ron Paul's bill to audit the Federal Reserve get through the Dumb-a-Cratic senate?
 -- cal, lewisville, tx     
  • 2
    The tragic failure of government continues to find new ways of destroying the economy. Keynesian economics, now the driving force of government's envolvement in enhancing business is another dismal failure and is going to make the here referenced catastrophe look like a walk in the park as compared to what is coming. There is no longer a Representative Republic, limited by a Constitution of We The People. The occupying statist theocracy infesting this land, in partnership with the independent Fed, is converting the once land of the free, home of the brave, prospering financial engine, free-enterprise system into a major catastrophe the likes of which the world has never known.
     -- Mike, Norwalk     
  • 3
    You can call it a failure of government but a complete success for the banking cartel that got away with it. Do the math, if you dare -- when there is one entity that may manufacture money out of thin air and loan it into circulation and then refuse to create any more money and require current 'loans' to be repaid immediately, the result was the confiscation of all real money (gold) in exchange for permanent unpayable debt -- the government didn't fail, it succeeded 100%, for the bankers, not the people.
     -- E Archer, NYC     
  • 4
     -- Ronw13, Oregon      
     -- Jim K, Austin      
     -- BR King, Ogden, UT      
    Yes, yes, and yes...
     -- robert, Somewhere in the US     
    Rate this quote!
    How many stars?

    What do YOU think?
    Your name:
    Your town:

    More Quotations
    Get a Quote-A-Day! Free!
    Liberty Quotes sent to your mail box.
    RSS Subscribe
    Quotes & Quotations - Send This Quote to a Friend

    © 1998-2024 Liberty-Tree.ca