History has witnessed the failure of many endeavors to impose peace by war, cooperation by coercion, unanimity by slaughtering dissidents.... A lasting order cannot be established by bayonets.

Continued inflation inevitably leads to catastrophe.

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

Every extension of the functions and power of the State beyond its primary duty of maintaining peace and justice should be scrutinized with jealous vigilance.

The riches of successful entrepreneurs is not the cause of anybody's poverty; it is the consequence of the fact that the consumers are better supplied than they would have been in the absence of the entrepreneur's efforts.

Where there is no market economy, the best intentioned provisions of constitutions and laws remain a dead letter.

The final outcome of the credit expansion is general impoverishment.