Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.

A new type of superstition has got hold of people's minds, the worship of the state.

The market system is the basis of our civilization. Its only alternative is the Führer principle.

The final outcome of the credit expansion is general impoverishment.

Democracy is not a good that people can enjoy without trouble. It is, on the contrary, a treasure that must be daily defended and conquered anew by strenuous effort.

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

Rulers do not like to admit that their power is restricted by any laws other than those of physics and biology. They never ascribe their failures and frustrations to the violation of economic law.