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A government that sets out to abolish market prices is inevitably driven toward the abolition of private property; it has to recognize that there is no middle way between the system of private property in the means of production combined with free contract, and the system of common ownership of the means of production, or socialism. It is gradually forced toward compulsory production, universal obligation to labor, rationing of consumption, and, finally, official regulation of the whole of production and consumption. Theory of Money and Credit, The p. 281 Price Control
Accountancy is not perfect. The precision of its statements is only illusory. The valuations of goods and rights with which it deals are always based on estimates depending on more or less uncertain and unknown factors. Theory of Money and Credit, The p. 234 Economic Calculation
All monetary policies encounter the difficulty that the effects of any measures taken . . . can neither be foreseen in advance, nor their nature and magnitude be determined even after they have already occurred. Theory of Money and Credit, The p. 271 Monetary Policy
All the marvelous achievements of Western civilization are fruits grown on the tree of liberty. Theory of Money and Credit, The p. 454 Western Civilization
An increase in the purchasing power of money is disadvantageous to the debtor and advantageous to the creditor; a decrease in its purchasing power has the contrary significance. Theory of Money and Credit, The p. 229 Purchasing Power
As there are in the field of social affairs no constant relations between magnitudes, no measurement is possible and economics can never become quantitative. Theory of Money and Credit, The p. 460 Econometrics
Credit transactions are in fact nothing but the exchange of present goods against future goods. Theory of Money and Credit, The p. 47 Credit
During thousands of years, in all parts of the inhabited earth, innumerable sacrifices have been made to the chimera of just and reasonable prices. Theory of Money and Credit, The p. 282 Price Control
Economic affairs cannot be kept going by magistrates and policemen. Theory of Money and Credit, The p. 282 Coercion
Economic affairs cannot be kept going by magistrates and policemen. Theory of Money and Credit, The p. 282 Price Control
Even a manifestly erroneous doctrine should be refuted by careful analysis and the unmasking of the fallacies implied. A sound doctrine can win only by exploding the delusions of its adversaries. Theory of Money and Credit, The pp. 455-56 Ideology
Even the manifest futility of the International Monetary Fund does not deter authors from indulging in dreams about a world bank fertilizing mankind with floods of cheap credit. Theory of Money and Credit, The pp. 477-78 International Monetary Fund
Every restriction of trade creates vested interests that are from then onward opposed to its removal. Theory of Money and Credit, The p. 288 Protectionism
Foreign-exchange control is today primarily a device for the virtual expropriation of foreign investments. It has destroyed the international capital and money market. Theory of Money and Credit, The p. 476 Foreign Exchange
How pale is the art of sorcerers, witches, and conjurors when compared with that of the government's Treasury Department! Theory of Money and Credit, The p. 458 Fiat Money
Imports are in fact paid for by exports and not by money. Theory of Money and Credit, The p. 286 International Trade
Imprudent granting of credit is bound to prove just as ruinous to a bank as to any other merchant. Theory of Money and Credit, The p. 295 Banking
In all countries where inflation has been rapid, it has been observed that the decrease in the value of the money has occurred faster than the increase in its quantity. Theory of Money and Credit, The p. 259 Money Supply
Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism. Theory of Money and Credit, The p. 255 Inflation
Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism. Theory of Money and Credit, The p. 468 Inflation
Inflation is the true opium of the people and it is administered to them by anticapitalist governments and parties. Theory of Money and Credit, The p. 485 Inflation
It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights. Theory of Money and Credit, The p. 454 Sound Money
It is not possible even to measure variations in the purchasing power of money. Theory of Money and Credit, The p. 257 Statistics
Lenders of money have been held in odium, at all times and among all peoples. Theory of Money and Credit, The p. 264 Creditors
Money has no utility other than that arising from the possibility of obtaining other economic goods in exchange for it. Theory of Money and Credit, The p. 118 Money
Money has thus become an aid that the human mind is no longer able to dispense with in making economic calculations. Theory of Money and Credit, The p. 62 Money
Money is nothing but a medium of exchange and it completely fulfills its function when the exchange of goods and services is carried on more easily with its help than would be possible to means of barter. Theory of Money and Credit, The p. 31 Money
Money is regarded as the cause of theft and murder, of deception and betrayal. Money is blamed when the prostitute sells her body and when the bribed judge perverts the law. It is money against which the moralist declaims when he wishes to oppose excessive materialism. Theory of Money and Credit, The p. 111 Money
No increase in the welfare of the members of a society can result from the availability of an additional quantity of money. Theory of Money and Credit, The p. 102 Money Supply
No nation need fear at any time to have less money than it needs. Theory of Money and Credit, The pp. 208-09 Money Supply
No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future. Theory of Money and Credit, The p. 23 Economics
Only by letting fall morsels of statistics is it possible for the economic theorist to maintain his prestige. Theory of Money and Credit, The p. 216 Economics
Only one thing can conquer war — that liberal attitude of mind which can see nothing in war but destruction and annihilation, and which can never wish to bring about a war, because it regards war as injurious even to the victors. Theory of Money and Credit, The p. 433 War and Peace
Perpetual vigilance on the part of the citizens can achieve what a thousand laws and dozens of alphabetical bureaus with hordes of employees never have and never will achieve: the preservation of a sound currency. Theory of Money and Credit, The p. 495 Sound Money
Sound money still means today what it meant in the nineteenth century: the gold standard. Theory of Money and Credit, The p. 480 Sound Money
The advocates of public control cannot do without inflation. They need it in order to finance their policy of reckless spending and of lavishly subsidizing and bribing the voters. Theory of Money and Credit, The p. 479 Inflation
The assistance of inflation is invoked whenever a government is unwilling to increase taxation or unable to raise a loan; that is the truth of the matter. Theory of Money and Credit, The p. 253 Inflation
The classical or orthodox gold standard alone is a truly effective check on the power of the government to inflate the currency. Without such a check all other constitutional safeguards can be rendered vain. Theory of Money and Credit, The p. 495 Gold Standard
The entrepreneurs who approach banks for loans are suffering from shortage of capital; it is never shortage of money in the proper sense of the word. Theory of Money and Credit, The p. 349 Money Supply
The excellence of the gold standard is to be seen in the fact that it renders the determination of the monetary units purchasing power independent of the policies of governments and political parties. Theory of Money and Credit, The p. 456 Gold Standard
The fallacies implied in the Keynesian full-employment doctrine are, in a new attire, essentially the same errors which [Adam] Smith and [Jean Baptiste] Say long since demolished. Theory of Money and Credit, The p. 464 Keynes, John Maynard
The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard. Theory of Money and Credit, The p. 461 Gold Standard
The greater the fund of means of subsistence in a community, the lower the rate of interest. Theory of Money and Credit, The p. 386 Interest Rate
The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices. Price fluctuations are reduced by speculation, not aggravated, as the popular legend has it. Theory of Money and Credit, The p. 286 Speculation
The interests of the capitalists are scarcely ever represented in monetary policy. Theory of Money and Credit, The p. 414 Monetary Policy
The main political problem is how to prevent the rulers from becoming despots and enslaving the citizenry. Theory of Money and Credit, The p. 454 Politics
The money prices of today are linked with those of yesterday and before, and with those of tomorrow and after. Theory of Money and Credit, The p. 130 Purchasing Power
The proof of a theory is in its reasoning, not in its sponsorship. Theory of Money and Credit, The p. 99 Reason
The role played by man in production always consists solely in combining his personal forces with the forces of Nature in such a way that the cooperation leads to some particular desired arrangement of material. No human act of production amounts to more than altering the position of things in space and leaving the rest to Nature. Theory of Money and Credit, The p. 97 Production
The simple statement, that money is a commodity whose economic function is to facilitate the interchange of goods and services, does not satisfy those writers who are interested rather in the accumulation of material than in the increase of knowledge. Theory of Money and Credit, The pp. 46-47 Money
The truth is that every infringement of property rights and every restriction of free enterprise impairs the productivity of labor. Theory of Money and Credit, The p. 484 Private Property
The valuation of the monetary unit depends not upon the wealth of the country, but upon the ratio between the quantity of money and the demand for it, so that even the richest country may have a bad currency and the poorest country a good one. Theory of Money and Credit, The p. 278 Money
There cannot be stable money within an environment dominated by ideologies hostile to the preservation of economic freedom. Theory of Money and Credit, The p. 480 Sound Money
There has been no generation that has not grumbled about the expensive times that it lives in. But the fact that everything is becoming dearer simply means that the objective exchange value of money is falling. Theory of Money and Credit, The p. 177 Inflation
There is an inclination in the United States and in Anglo-Saxon countries generally to overestimate in a quite extraordinary manner the significance of index methods. In these countries, it is entirely overlooked that the scientific exactness of these methods leaves much to be desired, that they can never yield anything more than a rough result at best, and that the question whether one or other method of calculation is preferable can never be solved by scientific means. Theory of Money and Credit, The pp. 445-46 Statistics
There is only one efficacious way toward a rise in real wage rates and an improvement of the standard of living of the wage earners: to increase the per-head quota of capital invested. Theory of Money and Credit, The pp. 464-65 Wage Rates
This throttling of international credit can hardly be remedied otherwise than by setting aside the principle that it lies within the discretion of every government . . . to stop paying interest to foreign countries and also to prohibit interest and amortization payments on the part of its subjects. Theory of Money and Credit, The pp. 28-29 Foreign Capital
Thus the sound-money principle has two aspects. It is affirmative in approving the markets choice of a commonly used medium of exchange. It is negative in obstructing the governments propensity to meddle with the currency system. Theory of Money and Credit, The p. 455 Sound Money
What warrants success in a fight for freedom and civilization is not merely material equipment but first of all the spirit that animates those handling the weapons. This heroic spirit cannot be bought by inflation. Theory of Money and Credit, The p. 469 Spirit
When any sort of difference arises between law and opinion, a reaction must necessarily follow; a movement sets in against that part of the law that is felt to be unjust. Such conflicts always tend to end in a victory of opinion over the law; ultimately the views of the ruling class become embodied in the law. Theory of Money and Credit, The p. 229 Majority Rule
Where the free exchange of goods and services is unknown, money is not wanted. Theory of Money and Credit, The p. 41 Money
Who has any doubt that the belligerent peoples of Europe would have tired of war much more quickly if their governments had clearly and candidly laid before them at the time the account of their war expenditure? Theory of Money and Credit, The p. 254 Inflation