"In November 2002, Ben Bernanke apologized--for the Fed's role in causing the Great Depression of the 1930s. "I would like to say to Milton [Friedman] and Anna [Schwartz]: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again" (conclusion of this speech).
Bernanke's point, of course, is that the Fed tightened monetary policy inappropriately--and allowed banks to fail--in 1929-33. And much has been made of his strong focus, over the past year, on avoiding a repeat of those or closely related mistakes (including here)."
https://newrepublic.com/article/51549/waiting-the-feds-next-apology
Most governments and central banks don't have a very good record. The recent massive spending by ScoMo saw a lot of that cash squirrelled away by nervous consumers. When they began to spend it came at an inopportune time when supply was strangled and hence fueled inflation by demand outstripping supply. Bear in mind that the Albo and his band of dilettantes were yelling more, more, more cash.
The Austrian School:
Ludwig Von Mises is one of the leading lights of the 'Austrian School'. In the 1920s he described the fascist economic model as 'Guild socialism'. Quite an astute observation.
