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" As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise. "
" If a man's free will to adopt ideas and values is inalienable, his freedom of action - his freedom to put these ideas into effect in the world - is not in such a fortunate condition. "
" Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and maintaining artificial wage rates was chronic, unprecedented depression. "
" Leading the boom of 1838 were state governments, who, finding themselves with the unexpected windfall of a distributed surplus from the federal government, proceeded to spend the money wildly and borrow even more extravagantly on public works and other uneconomic forms of 'investment.' "
" It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys. "
" The very essence of political philosophy is the carving out of an ethical system - strictly, a subset of ethics dealing with political ethics. Ethics is the one rational discipline that demands the establishment of a rational set of value judgments; political ethics is that subset applying to matters of State. "
" The Jacksonians were not monetary nationalists; specie was specie, and they saw no reason that foreign gold or silver coins should not circulate with the same full privileges as American-minted coins. "
" In order to conquer the world of economics with his new theory, it was critical for Keynes to destroy his rivals within Cambridge itself. In his mind, he who controlled Cambridge controlled the world. "
" In the United States, after World War II, it took about two decades for the message to slowly seep in that inflation was going to be a permanent fact of the American way of life. "
" There is one good thing about Marx: he was not a Keynesian. "
" Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other. "
" Gold and silver are always in demand, regardless of clime, century, or government in power. But public confidence in and, hence, demand for paper money depends on the ultimate confidence - or lack thereof - of the public in the viability of the issuing government. "
" An attempt by the Mongols to introduce paper money in Persia in the twelfth and thirteenth centuries flopped because no one would accept it. The public had no confidence in the paper money despite the awesomely coercive decrees that always marked Mongol rule. "
" The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat. "
" Play, as a consumers' good, is subject to the law of marginal utility, as are all goods, and the time spent in play will be balanced against the utility to be derived from other obtainable goods. "
" Originally, Congress provided in 1793 that all foreign coins circulating in the United States be legal tender. Indeed, foreign coins have been estimated to form 80 percent of American domestic specie circulation in 1800. "
" Keynes was scarcely a 'revolutionary' in any real sense. He possessed the tactical wit to dress up ancient statist and inflationist fallacies with modern, pseudoscientific jargon, making them appear to be the latest findings of economic science. "
" Philosophically, I believe that libertarianism - and the wider creed of sound individualism of which libertarianism is a part - must rest on absolutism and deny relativism. "
" The expansionary operations of the Second Bank of the United States, coupled with its laxity toward insisting on specie payment by the state banks, impelled a further inflationary expansion of state banks on top of the spectacular enlargement of the central bank. Thus, the number of incorporated state banks rose from 232 in 1816 to 338 in 1818. "
" The avoidance of explicit ethical judgments leads political scientists to one overriding implicit value judgment - that in favor of the political status quo as it happens to prevail in any given society. "
" The natural law is, in essence, a profoundly 'radical' ethic, for it holds the existing status quo, which might grossly violate natural law, up to the unsparing and unyielding light of reason. "
" The majority is not society, is not everyone. Majority coercion over the minority is still coercion. "
" While the seeming independence of the federal judiciary has played a vital part in making its actions virtual Holy Writ for the bulk of the people, it is also and ever true that the judiciary is part and parcel of the government apparatus and appointed by the executive and legislative branches. "
" The picture of the free market is necessarily one of harmony and mutual benefit; the picture of State intervention is one of caste conflict, coercion, and exploitation. "
" Famine emerges from a lack of interlocal trade; when one locality's food crop fails, since there is virtually no trade with other localities, the bulk of the people starve. It is precisely the permeation of the free market throughout the world that has virtually ended this scourge of famine by permitting trade between areas. "
" The State has invariably shown a striking talent for the expansion of its powers beyond any limits that might be imposed upon it. "
" The successful entrepreneurs on the free market will be the ones most adept at anticipating future business conditions. Yet, the forecasting can never be perfect, and entrepreneurs will continue to differ in the success of their judgments. If this were not so, no profits or losses would ever be made in business. "
" Many and subtle are the ideological weapons that the State has wielded through the centuries. Once excellent weapon has been tradition. The longer that the rule of a State has been able to preserve itself, the more powerful this weapon; for then, the X Dynasty or the Y State has the seeming weight of centuries of tradition behind it. "
" Out of the bitter experiences of the panic of 1819 emerged the beginnings of the Jacksonian movement, dedicated to hard money, the eradication of fractional reserve banking in general, and of the Bank of the United States in particular. "
" Ultimately, there is no entity called 'government'; there are only people forming themselves into groups called 'governments' and acting in a 'governmental' manner. "
" After the Volcker Fund collapsed, I got another grant from the Lilly Endowment to do a history of the U.S., which I worked on from 1962-66. The original idea was to take the regular facts and put a libertarian assessment on everything. "