This role however, cannot be improved by printing more money. On the contrary it will resul in the fall of money's purchasng power, thereby making money less marketable. It is true that the monetary pumping is likely to boost consumer spending. However, the increase in consumption doesn't cause economic growth, this increase only weakens the flow of savings thereby undermining the process of wealth formation. Also, the reduction in interest rates as a result of the monetary pumping cannot add anything to economic growth.
Interest rates are the manifestation of the demand versus the supply of savings.
In this capacity they guide businessmen in the allocation of funding in the most profitable way. In other words interest rates are just an indicator as it were. Obviously if this indicator is falsified by means of the monetary pumping, it only causes the misallocation of funding which ultimately results in an economic recession. During the interview Milton Friedman expressed strong misgivings about the Austrian school economic framework regarding the role of the government during a recession. The Austrian school recommends that during a recession the government should do nothing.