Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.

The characteristic feature of a free society is that it can function in spite of the fact that its members disagree in many judgments of value. Freedom really means the freedom to make mistakes.

Whoever wishes peace among peoples must fight statism.

History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.

There is no western, capitalistic country in which the conditions of the masses have not improved in an unprecedented way.

Despots and democratic majorities are drunk with power.

In the capitalist society there is a place and bread for all. Its ability to expand provides sustenance for every worker. Permanent unemployment is not a feature of free capitalism.