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.

All present-day governments are fanatically committed to an easy money policy.

The direction of all economic affairs is in the market society a task of the entrepreneurs. Theirs is the control of production. They are at the helm and steer the ship. A superficial observer would believe that they are supreme. But they are not. They are bound to obey unconditionally the captain's orders.

My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline.

Public opinion takes no offense at the endeavors of farmers, workers, clerks, teachers, doctors, ministers, and people from many other callings to earn as much as they can. But it censures the capitalists and entrepreneurs for their greed.

Nobody ever recommended a dictatorship aiming at ends other than those he himself approved. He who advocates dictatorship always advocates the unrestricted rule of his own will

There cannot be stable money within an environment dominated by ideologies hostile to the preservation of economic freedom.