At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is the Fed's power to print legal tender money. But the Fed tries its best not to print cash but rather to "print" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."

The costs of government are bound to be much higher than those of the free market. . .The State cannot calculate well and therefore cannot gauge its costs accurately.

Positivism eliminates any kind of natural law principle - for example, that there are economic laws which can be transgressed only at your peril. With positivism, there is a tendency to leap into ad hoc economic theory.

What...can the government do to help the poor? The only answer is the libertarian answer: Get out of the way.

Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt; it holds the legal monopoly of counterfeiting (of creating money out of thin air) in the entire country.

Essentially, I mean the almost self-evident fact that individuals, ethnic groups, and races differ among themselves in intelligence and in many other traits, and that intelligence, as well as less controversial traits of temperament, are in large part hereditary.

The necessary consequence of an egalitarian program is the decidedly inegalitarian creation of a ruthless power elite.