Nov 28, 2010

Paul Krugman on Milton Friedman's inflationary advice

Mr. Bernanke and his colleagues seem stunned to find themselves in the cross hairs. They thought they were acting in the spirit of none other than Milton Friedman, who blamed the Fed for not acting more forcefully during the Great Depression — and who, in 1998, called on the Bank of Japan to “buy government bonds on the open market,” exactly what the Fed is now doing.

~ Paul Krugman, "Axis of Depression," The Opinion Pages, The New York Times, November 18, 2010

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