If credit expansion, protectionism, and government spending were a path to prosperity, mankind would have long ago created heaven on earth.

Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.

The laws of economics tell us that the expansion of the central state can't go on forever. Its limit is reached when the looted turn on the looters.

The state is a vast enterprise for declaring all sorts of things legal for itself that would be illegal for us.

Let every nation, right now, do what is best for all citizens of the world: eliminate every form of intervention that would prevent or otherwise hobble mutually beneficial trade between any two parties anywhere in the world. No bureaucracy can help us toward that goal; it must come from a growing realization of the merit of freedom itself.

Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was the last limit. Its banishment as a standard unleashed the inflation monster and leviathan itself, which has swelled beyond comprehension.

Without market prices for capital goods, accounting is not possible. You don't know if you are making money or losing money, saving resources or wasting them, doing the right thing or not doing the right thing.