Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.

Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.

All this talk: the state should do this or that, ultimately means: the police should force consumers to behave otherwise than they would behave spontaneously.

No architect is held responsible for the behavior of those who inhabit the structure he designed.

The state is the only institution entitled to apply coercion and compulsion and to inflict harm upon individuals. This tremendous power cannot be abandoned to the discretion of some men, however competent and clever they may deem themselves. It is necessary to restrict its application. This is the task of the laws.

Everything brought forward in favor of Socialism during the last hundred years, in thousands of writings and speeches, all the blood which has been spilt by the supporters of Socialism, cannot make socialism workable.

As soon as the economic freedom which the market economy grants to its members is removed, all political liberties and bills of rights become humbug.