Both Force And Money Are Impotent Against

Every Extension Of The Functions And Power Of The State Beyond Its Primary Duty Of Maintaining Peace And Justice Should Be Scrutinized With Jealous Vigilance.

There Is No Means Of Avoiding The Final Collapse Of A Boom Brought About By Credit Expansion. The Alternative Is Only Whether The Crisis Should Come Sooner As The Result Of Voluntary Abandonment Of Further Credit Expansion, Or Later As A Final And Total Catastrophe Of The Currency System Involved.

Without Speculation There Can Be No Economic Activity Reaching Beyond The Immediate Present.

The Democracy Of The Market Consists In The Fact That People Themselves Make Their Choices And That No Dictator Has The Power To Force Them To Submit To His Value Judgments.

Resentment Is At Work When One So Hates Somebody For His More Favorable Circumstances That One Is Prepared To Bear Heavy Losses If Only The Hated One Might Also Come To Harm. Many Of Those Who Attack Capitalism Know Very Well That Their Situation Under Any Other Economic System Will Be Less Favorable.