Unity President Again Tells #2A Supporters Their Guns Are Useless Against Govt's Weapons
Here Are the Kinds of People Cleared to Stay in US After 'Full...
Hamas Sympathizers at UCLA Are Worse Than Ever
WaPo: Iron Dome Defense Perpetuates Israel-Gaza Conflict
TDS Lawfare Strikes Again: New Jersey Reviews Trump Golf Course Liquor Licenses Under...
LIVE: Twitchy Election Results - Maine, Nevada, North Dakota, South Carolina, and OH-6
Catherine Herridge Says Hunter Biden May Not Be Out of Hot Water Yet
CBS News' Major Garrett Says Hunter Biden's Conviction Was Painful for the Nation
European Socialists Not Reacting Well to the 'Far-Right' Winning Elections
DOJ Searched for Connections Between It and Alvin Bragg’s Office and Found None
Joe Biden Asks Who in God's Name Needs a Magazine That Holds 200...
Monster Who Fatally Stabbed 3-Year-Old Makes Faces in Court
It's a Marxist Cult: 24-Hour Fitness Provides List of 'Approved' Flair for Team...
Hunter Biden Guilty, Pelosi J6 Tapes Leaked, Mayorkas a Traitor?!
AWKWARD! Hours After Biden's Son Is Convicted of Felony Gun Charges He Speaks...

Ben Bernanke says he's 'big fan' of Milton Friedman, claims Friedman would support Fed

Speaking today at an event in Indianapolis, Federal Reserve Chairman Ben Bernanke defended his support for the third round of quantitative easing by invoking the name of the late, great free-market economist Milton Friedman. Yes, really:

Advertisement

https://twitter.com/zerohedge/status/252819135887724544

As blogger Michael Krieger writes, Bernanke is absolutely full of it. Krieger highlights a 2008 interview with Anna Schwartz, Friedman’s co-author on “A Monetary History of the United States,” in which Schwartz called Bernanke out on his support for the Fed’s decidedly anti-free-market policies:

Rather, “firms that made wrong decisions should fail,” she says bluntly. “You shouldn’t rescue them. And once that’s established as a principle, I think the market recognizes that it makes sense. Everything works much better when wrong decisions are punished and good decisions make you rich.” The trouble is, “that’s not the way the world has been going in recent years.”

In 2002, Mr. Bernanke, then a Federal Reserve Board governor, said in a speech in honor of Mr. Friedman’s 90th birthday, “I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”

Advertisement

“This was [his] claim to be worthy of running the Fed,” she says. He was “familiar with history. He knew what had been done.” But perhaps this is actually Mr. Bernanke’s biggest problem. Today’s crisis isn’t a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure. “I don’t see that they’ve achieved what they should have been trying to achieve. So my verdict on this present Fed leadership is that they have not really done their job.”

Be sure to read Krieger’s full post.

Those who understand the concept of the free market were rather shocked by Bernanke’s bold claim:

Advertisement

https://twitter.com/DismantleFed/status/252819650512048129

https://twitter.com/TheNewAdvisory/status/252823817196564480

This Twitterer said it best:

https://twitter.com/Not_Jim_Cramer/status/252819245740740609

No. He most certainly is not.

Join the conversation as a VIP Member

Recommended

Trending on Twitchy Videos

Advertisement
Advertisement
Advertisement