We have financial stability 20 These points are drawn from Ben S. Bernanke, 2 March 2004, ‘Remarks by Governor Ben S.  Bernanke: money, gold, and the Great Depression’, available at https://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm. 21 Ben S. Bernanke, 8 November 2002, ‘On Milton Friedman’s ninetieth birthday’, available at https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/. 22 See Liaquet Ahamed, 2009, Lords of Finance, especially chapter 20, titled ‘Gold fetters’.
Page 12 of 16  mandates to ensure that the financial system keeps functioning under stress, and that too-big-to-fail institutions don’t. In sum, far from being irrelevant in a depression scenario, our frameworks incorporate the most profound lessons of the Great Depression. If we start to go down this path, our frameworks will immediately guide us to take remedial action.