Great Depression

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The Great Depression in the United States was caused I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy. Milton Friedman

is not a result of the stock market crash, but of the contraction which the federal reserve facilitated.

The stock market crashed in October 1929. But that was not the cause of what caused the Great Depression. It was, in my opinion, a very minor element of it. What happened was that from 1929 to 1933 you had a major contraction which, in my opinion, was caused primarily by the failure of the Federal Reserve System, to follow the course of action for which it was set up. It was set up to prevent exactly what happened from 1929 to 1933. But instead of preventing it, they facilitated it. Milton Friedman

is not a sign of the inherent instability of the private enterprise system, but rather a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country.

The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of the country. Milton Friedman

is an event produced by government mismanagement rather than by any inherent instability of the private economy.

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy. Milton Friedman

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