Nothing Is More Securely Lodged Than The

To Combat Depression By A Forced Credit Expansion Is To Attempt To Cure The Evil By The Very Means Which Brought It About; Because We Are Suffering From A Misdirection Of Production, We Want To Create Further Misdirection -- A Procedure Which Can Only Lead To A Much More Severe Crisis As Soon As The Credit Expansion Comes To An End.

The Progress Of The Natural Sciences In Modern Times Has Of Course So Much Exceeded All Expectations That Any Suggestion That There May Be Some Limits To It Is Bound To Arouse Suspicion.

The History Of Government Management Of Money Has, Except For A Few Short Happy Periods, Been One Of Incessant Fraud And Deception.

Every Change In Conditions Will Make Necessary Some Change In The Use Of Resources, In The Direction And Kind Of Human Activities, In Habits And Practices. And Each Change In The Actions Of Those Affected In The First Instance Will Require Further Adjustments That Will Gradually Extend Through The Whole Of Society. Every Change Thus In A Sense Creates A "problemfor Society, Even Though No Single Individual Perceives It As Such; It Is Gradually "solvedby The Establishment Of A New Overall Adjustment.

It Is Rather A Problem Of How To Secure The Best Use Of Resources Known To Any Of The Members Of Society, For Ends Whose Relative Importance Only Those Individuals Know.