system
A chat on subreddit /r/PoliticalCompassMemes
human
&gt;...Friedman and Schwartz argue that people wanted to hold more money than the Federal Reserve was supplying. As a result, people hoarded money by consuming less. This caused a contraction in employment and production since prices were not flexible enough to immediately fall. The Fed's failure was in not realizing what was happening and not taking corrective action.

Paul Krugman (February 3, 2007), "Who Was Milton Friedman?", New York Review of Books.

&gt;..."They \[Friedman and Krugman\] did not claim the Fed caused the depression, only that it failed to use policies that might have stopped a recession from turning into a depression."

Milton Friedman; Anna Jacobson Schwartz (2008). The Great Contraction, 1929–1933 (New ed.). Princeton University Press. p. 247. ISBN 978-0691137940.
gpt
Based and Works Cited pilled