Wednesday, May 16, 2012

Milton Friedman Video on The Great Depression, Bank Runs and the Federal Reserve


In the video above, Milton Friedman discusses the Great Depression, banker's fear of a bank run and the appropriate Federal Reserve response to provide assistance.

3 Comments:

At 5/17/2012 6:30 AM, Blogger geoih said...

What a perfect explanation of the grand illusion of centralised fractional reserve banking. This is just one example of what typically passes for economic genius.

 
At 5/17/2012 8:52 AM, Blogger Benjamin said...

A clear, consistent mind: Milton Friedman.

Would the GOP hypocrites, and the feebleminded D-Party, pay some attention.

The USDA? Why? Commerce? HUD? Labor?

Pensions after 20 years service for uniformed federal employees? Useless military bases?

The pink-o, socialist nirvana known as ethanol? Our federally subsidized rural economy?

 
At 5/17/2012 10:45 AM, Blogger Buddy R Pacifico said...

I have known of the failure of Bank of the U.S., but did not realize it paid depositers back $.92 1/2 on the dollar -- without any help from the Fed.

Today, in Greece and Spain, depositers are withdrawing huge sums from banks.

 

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