http://www.wnd.com/2008/03/59405/ Bernanke did say the fed caused the great depression.
Read the book “Creature form Jekyll Island” by Edward Griffin for the background of the take over of the banking system.
Ron Paul I think it was who said without the fed we would have 17% more in our pockets. I do not trust the globalists and the fed is one reason why.
Kupelian tosses in his own spin here in his WND piece:
"After citing how Friedman and Schwartz documented the Fed’s continual contraction of the money supply during the Depression and its aftermath – and the subsequent abandonment of the gold standard by many nations in order to stop the devastating monetary contraction "
but Friedman and Schwartz do not say that the Fed contracted the money supply, continually or otherwise. Contractions are the natural result of accumulated bad loans made by individual banks during booms, they are part of the business cycle.
What Friedman and Schwartz do fault the 1930s Fed for is having failed to halt the failure of small non-Fed banks and the resulting vicious cycle of contraction once it got started. This is unlike what the Fed had done earlier in the 1920s.
Why the Fed failed to act is their issue. The final section of their chapter addresses 'Why Was Monetary Policy So Inept?' and they conclude that it had to do with changes in personnel, the death of Benjamin Strong, infighting over who would control Fed policy, and not fully understanding what was happening to the banking system. Some Fed officials held to a laissez-faire belief that allowing banks to fail would weed out bad banks so they weren't inclined to do anything to save them.