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Those who "invest in companies" need somewhere to put their excess money. That demand for credit is likely responsible for downstream financial crises. https://link.springer.com/article/10.1186/s40854-019-0136-2

I like Milton Friedman too, he had a cool show on PBS, but history isn't going to be good for that guy.

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Do you mean supply of credit? Because additional money wouldn't drive demand for credit, it would drive supply as those with money look for places to lend it.

If you are saying an excess supply of credit leads to financial crises, I agree with you. But the federal reserve that intentionally pumps money into the big banks to make credit easy is a far bigger contributor.

I agree that Milton Friedman had his flaws, one of which is this very topic, he never properly connected the federal reserve, money expansion and easy credit to economic instability.

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