Depression Is The Aftermath Of Credit Expansion.

Action Is An Attempt To Substitute A More Satisfactory State Of Affairs For A Less Satisfactory One. We Call Such A Willfully Induced Alteration An Exchange.

Freedom And Liberty Always Mean Freedom From Police Interference.

Government Is The Only Institution That Can Take A Valuable Commodity Like Paper, And Make It Worthless By Applying Ink.

Facts Per Se Can Neither Prove Nor Refute Anything. Everything Is Decided By The Interpretation And Explanation Of The Facts, By The Ideas And The Theories.

The Idea Of Socialism Is At Once Grandiose And Simple. . .we May Say, In Fact, That It Is One Of The Most Ambitious Creations Of The Human Spirit, . . .so Magnificent, So Daring, That It Has Rightly Aroused The Greatest Admiration. If We Wish To Save The World From Barbarism We Have To Refute Socialism, But We Cannot Thrust It Carelessly Aside.