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→Effects of the Fed's Monetary Policy
Friedman and Schwartz argued that all this was due to the Fed's failure to carry out its assigned role as the lender of last resort. Rather than providing liquidity through loans, the Fed just watched as banks dropped like flies, seemingly oblivious to the effect this would have on the money supply.<ref>[http://www.thefreemanonline.org/featured/the-great-depression-according-to-milton-friedman/ The Great Depression According to Milton Friedman]</ref>
Friedman and Schwartz argued that all this was due to the Fed's failure to carry out its assigned role as the lender of last resort. Rather than providing liquidity through loans, the Fed just watched as banks dropped like flies, seemingly oblivious to the effect this would have on the money supply.<ref>[http://www.thefreemanonline.org/featured/the-great-depression-according-to-milton-friedman/ The Great Depression According to Milton Friedman]</ref>
==Criticism==
[[Libertarian]]s, such as [[Ron Paul]], and many conservatives want to abolish the Federal Reserve. For 30 years Ron Paul has called for the secretive Federal Reserve bank to be audited.<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref> Ron Paul's website declares "Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar."<ref>[http://www.ronpaul.com/congress/legislation/111th-congress-200910/audit-the-federal-reserve-hr-1207/ Audit the Federal Reserve]</ref>
However, conservatives are not united in their criticism: the prominent conservative commentator [[Vox Day]], a member of [[Mensa]], describes himself as a "loyal Federal Reserve supporter".<ref>[http://voxday.blogspot.com Vox Day's blog]</ref>
==Recent Literature==
==Recent Literature==