I’m not going to transcribe it, but at the 19:30 mark in this EconTalk interview given by Milton Friedman to Russ Roberts in 2006, the former, who is generally lucid throughout and whose views on money I broadly share, expresses near-total confidence that an event like the Great Depression was within the realm of possibility, and that the only thing that could puncture his general optimism about continuing the generally-positive management of the economy and the money supply over the prior quarter-century was the possibility of government-spending-driven hyperinflation, which was an always-lurking threat given the desire of governments to spend without taxing.

Of course he was wrong, but I think why you think he was wrong is pretty revealing if you give it enough thought. Of course, if you don’t think he was wrong that also says something about you, but it’s probably nothing good

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