Mention68825
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| so:text | Just as banks all around the country were closing, the Fed raised the discount rate; that's the rate they charge for loans to banks. Bank failures consequently increased spectacularly. We might have had an economic downturn in the thirties anyway, but in the absence of the Federal Reserve System—with its enormous power to make a bad situation worse—it wouldn't have been anything like the scale we experienced. (en) |
| so:isPartOf | https://en.wikiquote.org/wiki/Milton_Friedman |
| so:description | “Interview with Milton Friedman”, Playboy magazine (Feb. 1973) (en) |
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