Unlike 1929, the U.S. and European monetary authorities implemented expansionary monetary policies to prevent a recession in 2008 and 2009. The purpose of this paper is to clarify the presumed lessons of the Great Depression for today. Indeed, since 2008, central banks have acted as lenders of last resort to provide liquidity to banking systems to foster economic growth; in the 1930s they refrained from such action. One question that comes to mind is, “Is this the right strategy to escape the financial crisis?” A second question is, “Does it prove that we have a correct understanding of the past?” The issue of the absolute validity of expansionary monetary policy must be reconsidered to identify possible errors in the lessons drawn from the past and in current monetary policy responses...