The idea of imposing universal peace on the world by force is a barbarian fantasy.

There is in government a living impulse to extend itself indefinitely; and there is in freedom a necessity to resist that impulse.

If you put a ten dollar bill under the rug instead of spending it, that is capital formation. It represents ten dollars' worth of something that might have been immediately consumed, but wasn't.

If the great Government of the United States were a private corporation no bank would take its name on a piece of paper, because it has cynically repudiated the words engraved upon its bonds.

The idea of imposing universal peace on the world by force is a barbarian fantasy.

This is the problem for which revolutionary theory has yet to find the right solution, if there is one. The difficulty is that the economic interests of the two classes are antagonistic.

There is a long history of monetary experience. It tells us that government is at heart a counterfeiter and therefore cannot be trusted to control money, and that this is true of both autocratic and popular government.