By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

It is impossible that the intention of the entrepreneur who has borrowed in order to increase investment can become effective (except in substitution for investment by other entrepreneurs which would have occurred otherwise) at a faster rate than the public decide to increase their savings

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.

The importance of money flows from it being a link between the present and the future.

The treasury could fill old bottles with banknotes and bury them..and leave it to private enterprises on well-tried principles of laissez-faire to dig the notes up again.

When somebody persuades me I am wrong, I change my mind.