Professor Mark J. Perry's Blog for Economics and Finance
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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.
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.
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.
ReplyDeleteA clear, consistent mind: Milton Friedman.
ReplyDeleteWould 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?
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.
ReplyDeleteToday, in Greece and Spain, depositers are withdrawing huge sums from banks.