The Causes Of All Panics, Crashes And

The Supremacy Of Public Opinion Determines Not Only The Singular Role That Economics Occupies In The Complex Of Thought And Knowledge. It Determines The Whole Process Of Human History.

What Governments Call International Monetary Cooperation Is Concerted Action For The Sake Of Credit Expansion.

True, Governments Can Reduce The Rate Of Interest In The Short Run. They Can Issue Additional Paper Money. They Can Open The Way To Credit Expansion By The Banks. They Can Thus Create An Artificial Boom And The Appearance Of Prosperity. But Such A Boom Is Bound To Collapse Soon Or Late And To Bring About A Depression.

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.

Liberalism Must Be Intolerant Of Every Sort Of Intolerance.