Depression is the aftermath of credit expansion.

The foundation of any and every civilization, including our own, is private ownership of the means of production. Whoever wishes to criticize modern civilization, therefore, begins with private property.

Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.

As society is only possible if everyone, while living his own life, at the same time helps others to live; if every individual is simultaneously means and end; if each individual's well-being is simultaneously the condition necessary to the well-being of others, it is evident that the contrast between I and thou, means and end, automatically is overcome.

The first socialists were the intellectuals; they, and not the masses, are the backbone of Socialism.

To assign to everybody his proper place in society is the task of the consumers. Their buying and abstention from buying is instrumental in determining each individual's social position.

The issue is always the same: the government or the market. There is no third solution.