This is CBS, I'm the World, I'm John Bachelors.

Nicholas Wapshot's new book is Sam Hilsson, Paul Sam Hilsson, born 1915.

Friedman, Milton Friedman, born 1912, that both men live well into their tenth decade

in their 90s.

At the 90th birthday of Milton Friedman, there was a toast by, I believe, Ben Bernanke,

who was born in 1953, so a much younger man.

He toasted Milton Friedman and he said, you were right, you were right, we did it.

What's he talking about, Nicholas?

Well, the common view is of course, is the great oppression, the Keynesian view.

Also, there was to do with sort of massacet theory in the markets.

The people who were speculating crazily on borrowing money in order to, rather like people

do with Bitcoin right now, they're borrowing money in order to get rich quick.

And this, according to Keynes, all went terribly wrong.

What Friedman did, which was a lot of hard work, he and Anna Schwartz, his partner in work,

was to look back at the figures.

And he came to actually a strangely, a Keynesian conclusion, that is, had the Federal Reserve

provided cheap money to the banks at that time, there wouldn't have been a great oppression

and there wouldn't have been the bank bus that took place.

But from that, he deduced that actually there was something in the monetary theory.

And so he went off on that crusade, really.

Does that become, just logically, does that become a guidepost for Ben Bernanke, who has,

who becomes the first of the several chairs to ease the interest rates to near zero and

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