War prosperity is like the prosperity that an earthquake or a plague brings.

Where there is no market economy, the best intentioned provisions of constitutions and laws remain a dead letter.

Governments, political parties, pressure groups, and the bureaucrats of the educational hierarchy think they can avoid the inevitable consequences of unsuitable measures by boycotting and silencing the independent economists. But truth persists and works, even if nobody is left to utter it.

All present-day governments are fanatically committed to an easy money policy.

The development of capitalism consists in everyone having the right to serve the consumer better or more cheaply.

Credit expansion is the governments' foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.

Liberty is meaningless if it is only the liberty to agree with those in power.