Inflation is a form of tax, a tax that we all collectively must pay.

There is a profound contrast between the effects of foreign aid and of voluntary private investment: foreign aid goes from government to government. It is therefore almost inevitably statist and socialistic.

Yet it ought to be clear that a minimum wage law is, at best, a limited weapon for combatting the evil of low wages, and that the possible good to be achieved by such a law can exceed the possible harm only in proportion as its aims are mode.

The larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.

There is a strange idea aboard, held by all monetary cranks, that credit is something a banker gives to a man. Credit, on the contrary, is something a man already has. He has it, perhaps, because he already has marketable assets of a greater cash value than the loan for which he is asking. Or he has it because his character and past record have earned it. He brings it into the bank with him. That is why the banker makes him the loan.

The only real cure for poverty is production.

A man who is good from docility, and not from stern self-control, has no character.