The only real cure for poverty is production.

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.

Government welfarism, with its ever-increasing army of pensioners and other beneficiaries, is fatally easy to launch and fatally easy to extend, but almost impossible to bring to a halt - and quite impossible politically to reverse, no matter how obvious and catastrophic its consequences become.

The State, of course, is absolutely indispensable to the preservation of law and order, and the promotion of peace and social cooperation. What is unnecessary and evil, what abridges the liberty and threatens the true welfare of the individual, is the State that has usurped excessive powers and grown beyond its legitimate function - the super-State, the socialist State, the redistributive State, in brief, the ironically misnamed 'Welfare State.'

From a strictly economic point of view, buying gold in a major inflation and holding it probably presents the least risk of capital loss of any investment or speculation.

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.

The solution to our problems is not more paternalism, laws, decrees, and controls, but the restoration of liberty and free enterprise, the restoration of incentives, to let loose the tremendous constructive energies of 300 million Americans.