In perhaps one of his most brash pronouncements, the late, great Milton Friedman explodes the myth that the Great Depression was caused by the failure of private enterprise. Speaking at a banking conference, Friedman asserts that the view blaming the private sector for the biggest economic catastrophe in our nation’s history was held not only by those who supported a greater role by government, but by everybody.

“The Great Depression was produced by a failure of government, by a failure of monetary policy” says Friedman, former economic advisor to President Reagan and a past Nobel Memorial Prize winner. “It was produced by the failure of the Federal Reserve system to act in accordance with the intentions of those who established it.” Tune in to hear Friedman flesh out his theory in this edition of LibertyPen.