The social and racial conflict, which springs from the redistribution ideology, may deepen as economic output is shrinking and transfer 'entitlements cause budget deficits to soar. The U.S. dollar, which has become a mere corollary of government finance, is likely to survive the soaring deficits.

When all the mysticism is stripped away, the people who comprise the government (the legislators, administrators, judges, and policemen), are guided by human interests, desires, beliefs, notions, and prejudices, just like other people. They have neither superhuman wisdom nor extraordinary virtue.

The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register.

There is no escape from the vast imbalances in international trade and finance. They will be corrected, sooner or later, by the inexorable principles that govern human action.

Political power intoxicates the best hearts. No man is wise enough, nor good enough, to be trusted with much political power.

Government is rather ill-suited and poorly equipped to alleviate the plight of the poor. It lacks moral rules or standards, and is devoid of basic principles in economic and social matters.

Under the influence of collectivist ideologies, many politicians and journalists are ever eager to strike at successful entrepreneurs who earn much more than they do. It is difficult to ascertain their motives; it can be simple envy which consumes many men, or it can be economic ignorance.