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Milton Friedman Memorial Debate: Was Bernanke Right? Chicago v. Vienna on Monetary Policy

Posted: August 5, 2012 at 4:40 pm   /   by

On July 31, 2012, Americans for Prosperity celebrated the 100th anniversary of the birth of Nobel Laureate Economist Milton Friedman with a debate:  The Chicago Schools v. the Vienna School on Monetary Policy … Was Bernanke Right?

The debaters were Joe Cobb, economist and author, and Charles Goyette, author, speaker, and media personality.  Tom Jenney, Director of the Arizona State Chapter of Americans for Prosperity, moderated the debate.  Separate interviews are available with Joe Cobb (at this link) and Charles Goyette (at this link).

Dr. Friedman’s PBS television series Free to Choose is a classic among Conservatives and Libertarians. The 1980 series, updated in 1990, is available for free viewing at All Americans should watch this series (twice!) to understand the role that free choice and free markets play in producing prosperity for everyone — especially the “common man”.

Excerpts about the debate from the AFP program card:

Did Federal Reserve Chairman Ben Bernanke do the right thing in pursuing a policy of reflating the nation’s money supply and shoring up the balance sheets of national (and international) financial institutions?

After 1981, Dr. Friedman became convinced that a central bank was not necessary, and he advocated a free-market financial system (“free banking”).  But Bernanke has cited Dr. Friedman’s groundbreaking early monetary research as an authority in developing his case for reflation in response to the recent financial crisis.

The debate itself appears in the video immediately below.  At the bottom of this post is a 14-minute introduction to the debate by Dr. Jeff Singer, a sponsor, and Tom Jenney, the moderator. thanks Tom Jenney, Americans for Prosperity, the Goldwater Institute, and Dr. Jeff Singer for sponsoring this event.

David Leeper

David Leeper

David Leeper is a retired engineer living in Scottsdale, AZ, with his wife of 45 years. He is currently a volunteer science teacher at In his 40-year career he held positions from lab technician to technical vice president at Bell Labs, Motorola, and Intel. He holds 16 patents in telecom technology and a PhD in electrical engineering from the University of Pennsylvania. During his career, he wrote mainly for technical journals including Scientific American. He began writing for in 2011.
David Leeper

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Milton Friedman Memorial Debate: Was Bernanke Right? Chicago v. Vienna on Monetary Policy