Sound money and free banking are not impossible; they are merely illegal.

Every businessman enjoying customer patronage, whether he be a baker, banker, or barber is conferring a public benefit, raising production, and reducing unemployment; businessmen earn their livelihood by producing products and rendering services where ever they are needed.

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.

In expectation of his demise, a successful businessman may sell out to his competitors to prepare his estate with readily marketable securities, such as U.S. Treasury bonds. The confiscatory death tax eliminates many family enterprises and promotes the growth of giant corporations.

Wherever politics intrudes upon economic life, political success is readily attained by saying what people like to hear rather than what is demonstrably true. Instead of safeguarding truth and honesty, the state then tends to become a major source of insi

The transfer society is forever testing the bounds of patience of taxpayers. Having reached the limit and still facing loud demands for more benefits, it resorts to deficit financing.

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.