Without speculation there can be no economic activity reaching beyond the immediate present.
Ludwig von MisesSome think that they will exercise power for the general good, but that is what all those with power have believed. Power is evil in itself, regardless of who exercises it.
Ludwig von MisesPrivate property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will.
Ludwig von MisesOnce 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.
Ludwig von Mises