“The Federal Reserve System had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve system, you had the worst banking crisis in the history of the United States” EconomyRegulationCentral Planning Book:The Indispensable Milton Friedman: Essays on Politics and Economics Source: The Indispensable Milton Friedman: Essays on Politics and Economics