The final outcome of the credit expansion is general impoverishment.

One has to recognize that science is not metaphysics, and certainly not mysticism; it can never bring us the illumination and the satisfaction experienced by one enraptured in ecstasy. Science is sobriety and clarity of conception, not intoxicated vision.

True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.

No increase in the welfare of the member of society can result from the availability of an additional quantity of money.

It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments.

Those who are asking for more government interference are asking ultimately for more compulsion and less freedom.

The mixing of politics and business not only is detrimental to politics, as is frequently observed, but even much more so to business.