If the present tax rates had been in effect from the beginning of our century, many who are millionaires today would live under more modest circumstances. But all those new branches of industry which supply the masses with articles unheard of before, would operate, if at all, on a much smaller scale, and their products would be beyond the reach of the common man.

Big business always serve - directly or indirectly - the masses.

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.

All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.

An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when the fountain is drained off: The Santa Clause principle liquidates itself.

Depression is the aftermath of credit expansion.

All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out