While the public schools are still preaching their doublespeak that those evil capitalists and businessmen caused the great depression, Ben Bernanke spits the truth in 2002 at Milton Friedman’s 90th birthday.

From http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm

For practical central bankers, among which I now count myself, Friedman and Schwartz’s analysis leaves many lessons. What I take from their work is the idea that monetary forces, particularly if unleashed in a destabilizing direction, can be extremely powerful. The best thing that central bankers can do for the world is to avoid such crises by providing the economy with, in Milton Friedman’s words, a “stable monetary background”–for example as reflected in low and stable inflation.

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.

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