Monetarists and other economic tinkerers have not learned the essential lesson from the Great Depression.
If you don't want the economic depression of the 1930s - don't have the bubble of 1913 to 1929.
Busts have always followed booms, just as day follows night.
Economic alchemists have long sought a way to follow every Boom with yet another Boom. But this is impossible. Confused thinker like Friedman believe that more debt solves the problems created by excessive debt, but this "magic" works for a very short period of time before it fails.
If you already find yourself in a credit-bubble, economist Joseph Schumpeter offered this helpful advice,
"Policy does not allow a choice between depression and no depression, but between depression now and a worse depression later."
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