Monday, February 5, 2007

Thanks, Ben Bernanke

Or rather Tim Swanson on the Mises Economics Blog for the following mind-blower. Not mind-blowing because it was news that the Fed caused the Great Depression--but because Bernanke would admit it. Of course, it wasn't news in any sense of the word, since journalists give the Fed a pass on everything.

Four years before he became chairman of the Federal Reserve, Benjamin Bernanke (then "merely" a Fed Governor), gave a speech commemorating the 90th birthday of Milton Friedman.

Below is his concluding statement:

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. 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.

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