The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
Milton FriedmanTo the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.
Milton FriedmanThe great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.
Milton FriedmanI think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.
Milton FriedmanRapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
Milton Friedman