Society has arisen out of the works of peace; the essence of society is peacemaking. Peace and not war is the father of all things.

The criterion of truth is that it works even if nobody is prepared to acknowledge it.

Our whole civilization rests on the fact that men have always succeeded in beating off the attack of the re-distributors.

The advocates of public control cannot do without inflation. They need it in order to finance their policy of reckless spending and of lavishly subsidizing and bribing the voters.

The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.

[T]he essence of so-called war prosperity: it enriches some by what it takes from others. It is not rising wealth but a shifting of wealth and income.

One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.