Tyranny is the political corollary of socialism, as representative government is the political corollary of the market economy.

If it is unnecessary to adjust the amount of expenditure to the means available, there is no limit to the spending of the great god State.

Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.

Every man aims at avoiding what causes him pain; the activities of government ultimately consist in the infliction of pain. All great achievements of mankind were the product of a spontaneous effort on the part of individuals; government substitutes coercion for voluntary action.

This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.

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.

Historical knowledge is indispensable for those who want to build a better world