Ep. 252 Bob’s Reaction to the Bernanke/Diamond-Dybvig Nobel Award
Bob Murphy Show
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Is the Fed Blaming the Depression?
In the early 1930s in the United States, there were massive bank failures and the public, we know, where it runs on bank, publics, pull their money out. And what happened is the quantity of money, I think if you measure it like my M2 went down by a third from like 1929 to 1933. Friedman's story was appealing to right wingers because he was saying, no, it wasn't the US economy was unregulated. It's that the Fed didn't do its job.
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