History can tell us what happened in the past. But it cannot assert that it must happen again in the future.

If the government objects to monopoly prices for new inventions, it should stop granting patents.

How pale is the art of sorcerers, witches, and conjurors when compared with that of the government's Treasury Department!

Under capitalism everybody provides for their own needs by serving others.

Once the principle is admitted that it is the duty of the government to protect the individual against his own foolishness, no serious objections can be advanced against further encroachments.

One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.

Rulers do not like to admit that their power is restricted by any laws other than those of physics and biology. They never ascribe their failures and frustrations to the violation of economic law.