When Milton Friedman turned 90 years back in 2002 Ben Bernanke famously apologized for the Federal Reserve’s role in the Great Depression:
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.
On Twiiter Ravi Varghese has paraphrased Bernanke to describe the role of the ECB in the present crisis:
“You’re right, we did it. We’re very sorry. But we’re not sure we can get out of it.”
Brilliant…follow Ravi on Twiiter here (and follow me here).
