Suggestion of the Communist Manifesto was 'abolition of all right of inheritance.' Looking backward upon the past history of estate taxes, we have to realize that they more and more have approached the goal set by Marx. Estate taxes of the height they have already attained for the upper brackets are no longer to be qualified as taxes. They are measures of expropriation.

He who acts under an emotional impulse also acts. What distinguishes an emotional action from other actions is the valuation of input and output. Emotions disarrange valuations. Inflamed with passion, man sees the goal as more desirable and the price he has to pay for it as less burdensome than he would in cool deliberation.

The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.

The foundation of any and every civilization, including our own, is private ownership of the means of production. Whoever wishes to criticize modern civilization, therefore, begins with private property.

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

The tow pillars of democratic government are the primacy of the law and the budget.

What mankind needs today is liberation from the rule of nonsensical slogans and a return to sound reasoning.