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.

An entrepreneur cannot be trained. A man becomes and entrepreneur by seizing an opportunity and filling the gap. No special education is required for such a display of keen judgment, foresight, and energy.

Fascism was an emergency makeshift. To view it as something more would be a fatal error.

Innovation is the whim of an elite before it becomes a need of the public.

An anti-something movement displays a purely negative attitude. It has no chance whatever to succeed. Its passionate diatribes virtually advertise the program they attack. People must fight for something that they want to achieve, not simply reject an evil, however bad it may be.

It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.

The [liberals] consider profits as objectionable. The very existence of profits is in their eyes a proof that wage rates could be raised without harm to anybody. They speak of profit without dealing with loss. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities. A profitable enterprise tends to expand; an unprofitable one tends to shrink. The elimination of profit renders production rigid and abolishes the consumer's control.