To reverse the trend and reduce the role of government in our lives, and thus alleviate the government deficit and inflation pressures, is a giant educational task. The social and economic ideas that gave birth to the transfer system must be discredited and replaced with old values of individual independence and self-reliance. The social philosophy of individual freedom and unhampered private property must again be our guiding light.

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.

Instead of safeguarding truth and honesty, the state then tends to become a major source of insincerity and mendacity.

The gold standard sooner or later will return with the force and inevitability of natural law, for it is the money of freedom and honesty.

Peace is the natural state of man, war the temporary repeal of reason and virtue.

Envy is more irreconcilable than hate. It is the most corroding of all political vices and also a great power in our land. The friends of freedom are content to be envied, but envy not.

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.