Friedman and Schwartz's account of the Great Depression became the Federal Reserve's permanent playbook, because no Fed chair wants to be the villain of the sequel.

Historian of ideas at Stanford University and the Hoover Institution

Friedman and Schwartz becomes the playbook for the Federal Reserve. We have lived through this, the financial crisis. The Federal Reserve is ready to loan. Covid, the Federal Reserve does all kinds of new things, because no Federal Reserve chair wants to be in Friedman-Schwartz 2.0 that somebody writes, where they're the bad guy who let the economy meltdown.