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.

The financial history of the last century shows a steady increase in the amount of public indebtedness. Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these debts will be liquidated in some way or other, but certainly not by payment of interest and principal according to the terms of the contract.

Men are fighting one another because they are convinced that the extermination and liquidation of adversaries is the only means of promoting their own well-being.

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.

In all countries with a settled bureaucracy people used to say: The cabinets come and go, but the bureaus remain.

The philosophy of protectionism is a philosophy of war.

Do not give in to evil, but proceed ever more boldly against it.