The system that would stand midway between capitalism and socialism.

Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.

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

The capitalist system, in spite of all obstacles put in its way by governments and politicians, has raised the standard of living of the masses in an unprecedented way.

The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.

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

What generates war is the economic philosophy of nationalism: embargoes, trade and foreign exchange controls, monetary devaluation, etc. The philosophy of protectionism is a philosophy of war.