The program of liberalism if condensed into a single word, would have to read: property, that is, private ownership of the means of production.

If the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when the monetary systems of those nations pursuing this course will break down completely. The purchasing power of the monetary unit will decline more and more, until finally it disappears completely.

Whoever wishes peace among peoples must fight statism.

No increase in the welfare of the member of society can result from the availability of an additional quantity of money.

Western civilization is based upon the libertarian principle, and all its achievements are the results of the action of free men.

Nothing is more calculated to make a demagogue popular than a constantly reiterated demand for heavy taxes on the rich. Capital levies and high income taxes on the larger incomes are extraordinarily popular with the masses, who do not have to pay them.

The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social function of adjusting production to the most urgent demand. Because of these merits the consumers chose them for business leadership.