Milton Friedman: Why the Great Depression Happened

There needn't be even one new dollar created to prevent economic downturns if markets have enough confidence the Fed will do its job. That's one point many of the ignorant, unimaginative Schiff / Rogers / Faber / Paul fans don't seem to understand. As long as there aren't shocks to the economy that actually reduce economic capacity in some permanent way, such as an major astroid impact or locust plague, this is true