There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

It is indeed one of the principal drawbacks of every kind of interventionism that it is so difficult to reverse the process.

There is no other planning for freedom and general welfare than to let the market system work.

The consumers are merciless. They never buy in order to benefit a less efficient producer and to protect him against the consequences of his failure to manage better. They want to be served as well as possible. And the working of the capitalist system forces the entrepreneur to obey the orders issued by the consumers.

The aim of all struggles for liberty is to keep in bounds the armed defenders of peace, the governors and their constables. The political concept of the individual's freedom means: freedom from arbitrary action on the part of the police power.

Only one thing can conquer war-that attitude of mind which can see nothing in war but destruction and annihilation.

What is a loophole? If the law does not punish a definite action or does not tax a definite thing, this is not a loophole. It is simply the law.