The final outcome of the credit expansion is general impoverishment.

A free press can only exist where there is private control over the means of production

The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.

For it is an essential difference between capitalist and socialist production that under capitalism men provide for themselves, while under Socialism they are provided for.

Capitalism is essentially a system of mass production for the satisfaction of the needs of the masses. It pours a horn of plenty upon the common man. It has raised the average standard of living to a height never dreamed of in earlier ages. It has made accessible to millions of people enjoyments which a few generations ago were only within the reach of a small élite.

The prerequisite for more economic equality in the world is industrialization. And this is possible only through increased capital investment, increased capital accumulation.

What makes small business develop into big business is not spending, but saving and capital accumulation.