Has Bernanke broken his promise to Friedman?

On 8 November 2002 the University of Chicago organised a 90th birthday reception in honour of Milton Friedman. Ben Bernanke, who had then been a governor of the Federal Reserve for four months, was a guest speaker. He concluded his remarks by addressing Friedman, "Regarding the Great Depression. You're right, we [ie, the Fed] did it. We're very sorry. But, thanks to you, we won't do it again."

Now that Bernanke has been chairman of the Fed in a four-year period widely regarded as the most

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