Ben Bernanke versus Milton Friedman
The Federal Reserve’s Emergence because the U.S. Financial system’s Central Planner
Chairman Bernanke agrees with Friedman that the Federal Reserve is basically responsible for the Nice Melancholy, however he attracts a unique lesson from the central financial institution’s disastrous mistake. That distinction helps clarify Bernanke’s eagerness for the Fed to play a bigger function in centrally planning the U.S. financial system.