It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments.

Depression is the aftermath of credit expansion.

The development of capitalism consists in everyone having the right to serve the consumer better or more cheaply.

In spite of the anticapitalistic policies of all governments and of almost all political parties, the capitalist mode of production

The final outcome of the credit expansion is general impoverishment.

It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.

In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs.