Saturday, October 11, 2008

Monetary History of the United States by Milton Friedman and Anna Schwartz

The detailed story of every banking crisis in our history shows how much depends on the presence of one or more outstanding individuals willing to assume responsibility and leadership….Economic collapse often has the characteristics of a cumulative process. Let it go beyond a certain point, and it will tend to gain strength from its own development…. Because no great strength would be required to hold back the rock that starts a landslide, it does not follow that the landslide will not be of major proportions.

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