Ben Bernanke has just been revealed on record as insisting that the financial crash of 2008 was actually worse than the Great Depression itself. That’s a statement that leads on to a very interesting indeed question: why on earth wasn’t the fallout from that crash therefore worse than the Great Depression? The answer being, in short form, that Milton Friedman was right. In longer form, that the Federal Reserve itself followed the wrong policies back then and the right policies over the last few years: which is the same statement as saying that Milton Friedman was right. We can also go on to another point: which is that this time around has been worse in the periphery of the eurozone than the Great Depression was and that will lead us to the conclusion that the European Central Bank (ECB) has been following the wrong policies this time around as the Fed did 80 years ago.