The struggle for freedom is not the struggle of the many against the few, but of minorities, sometimes of a minority of but one man gainst the majority.

Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.

It is extremely difficult for our contemporaries to conceive of the conditions of free banking because they take government interference with banking for granted and as necessary.

In the market economy the worker sells his services as other people sell their commodities. The employer is not the employee's lord. He is simply the buyer of services which he must purchase at their market price.

The average American worker enjoys amenities for which Croesus, Crassus, the Medici, and Louis XIV would have envied him.

In the capitalist society there is a place and bread for all. Its ability to expand provides sustenance for every worker. Permanent unemployment is not a feature of free capitalism.

Economic progress is the work of the savers, who accumulate capital, and of the entrepreneurs, who turn capital to new uses.