Without speculation there can be no economic activity reaching beyond the immediate present.

He who serves the public best, makes the highest profits.

The tow pillars of democratic government are the primacy of the law and the budget.

Whoever wants peace among nations must seek to limit the state and its influence most strictly.

Economically considered, war and revolution are always bad business.

The characteristic feature of a free society is that it can function in spite of the fact that its members disagree in many judgments of value. Freedom really means the freedom to make mistakes.

Nothing is more calculated to make a demagogue popular than a constantly reiterated demand for heavy taxes on the rich. Capital levies and high income taxes on the larger incomes are extraordinarily popular with the masses, who do not have to pay them.