Great idea. Let's give mare freedom to a group that is already free of oversight and does not have to answer to the People. End the Fed!
Commentary: Two great theories, neither up to today's task
NEW YORK (MarketWatch) — Some of the biggest names in economics gathered at the University of Chicago in November 2002 for a 90th birthday celebration of the brightest star of them all. Milton Friedman, a Nobel laureate and seminal thinker, was returning to the university where he had made his name.
One of the speakers was a Federal Reserve governor, Ben S. Bernanke. In a scholarly address, he endorsed Friedman's view that the Fed was instrumental in causing the Great Depression with a tight monetary policy that turned a contraction into something much, much worse.
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