If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.

The whole gospel of Karl Marx can be summed up in a single sentence: Hate the man who is better off than you are. Never under any circumstances admit that his success may be due to his own efforts, to the productive contribution he has made to the whole community. Always attribute his success to the exploitation, the cheating, the more or less open robbery of others. Never under any circumstances admit that your own failure may be owing to your own weakness, or that the failure of anyone else may be due to his own defects - his laziness, incompetence, improvidence, or stupidity.

There can be little doubt that many egalitarians are motivated at least partly by envy.

The sad fact is that today most of the heads of big businesses in America have become so confused or intimidated that, so far from carrying the free market to argument to the enemy, they fail to defend themselves adequately even when attacked.

Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation.

Today is already the tomorrow which the bad economist yesterday urged us to ignore.

The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians.