The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.

Suggestion of the Communist Manifesto was 'abolition of all right of inheritance.' Looking backward upon the past history of estate taxes, we have to realize that they more and more have approached the goal set by Marx. Estate taxes of the height they have already attained for the upper brackets are no longer to be qualified as taxes. They are measures of expropriation.

War can really cause no economic boom, at least not directly, since an increase in wealth never does result from destruction of goods.

The usual terminology of political language is stupid. What is 'left' and what is 'right'? Why should Hitler be 'right' and Stalin, his temporary friend, be 'left'? Who is 'reactionary' and who is 'progressive'? Reaction against an unwise policy is not to be condemned. And progress towards chaos is not to be commended.

Tyranny is the political corollary of socialism, as representative government is the political corollary of the market economy.

The uncouth hordes of common men are not fit to recognize duly the merits of those who eclipse their own wretchedness.

Thus, the isolated interference with one or a few prices of consumer goods always bring about effects-and this is important to realize-which are even less satisfactory than the conditions that prevailed before.