Sometimes you get into a Twitter argument when you least expect to. It was after 11pm two Saturday nights ago when I saw this tweet by Gabriel Mathy (@gabriel_mathy)
Friedman says if there had been no Fed, there would have been no Depression. That’s certainly wrong, even if your position is that the Fed did little to nothing to mitigate the Depression (which is reasonable IMO)
Chiming in, I thought to reinforce Mathy’s criticism of Friedman, I tweeted the following:
Friedman totally misunderstood the dynamics of the Great Depression, which was driven by increasing demand for gold after 1928, in particular by the Bank of France and by the Fed. He had no way of knowing what the US demand for gold would have been if there had not been a Fed
I got a response from Mathy that I really wasn’t expecting who tweeted with seeming annoyance
There already…
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Utopia, you are standing in it! 
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