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.

It is necessary to curb the power of government. This is the task of all constitutions, bills of rights and laws. This is the meaning of all struggles which men have fought for liberty.

The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.

The continued existence of society depends upon private property.

Plato and Hitler were both the same kind of consistent socialists who planned also for the production of future socialists, the breeding and education of future members of society.

The attainment of the economic aims of man presupposes peace.

A famous, very often quoted phrase says: "That government is best, which governs least." I do not believe this to be a correct description of of the functions of a good government. Government ought to do all the things for which it is needed and for which it is established. Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies. These are the functions of government within a free system, within the system of the market economy.