Notwithstanding all the passionate fulminations of the spokesmen of governments, the inevitable consequences of inflationism and expansionism...are coming to pass. And then, very late indeed, even simple people will discover that Keynes did not teach us how to perform the 'miracle...of turning a stone into bread,' but the not at all miraculous procedure of eating the seed corn.

Men are fighting one another because they are convinced that the extermination and liquidation of adversaries is the only means of promoting their own well-being.

The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression.

Many pioneers of these industrial changes, it is true, became rich. But they acquired their wealth by supplying the public with motor cars, airplanes, radio sets, refrigerators, moving and talking pictures, and variety of less spectacular but no less useful innovations. These new products were certainly not an achievement of offices and bureaucrats.

What is a loophole? If the law does not punish a definite action or does not tax a definite thing, this is not a loophole. It is simply the law.

In capitalist enterprise there is no secure income and no security of wealth.

The history of mankind is the history of ideas.