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Depression is the aftermath of credit expansion.

Ludwig von Mises

Related Topics

Aftermath Credit Depression Expansion

Bagwalas

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The riches of successful entrepreneurs is not the cause of anybody’s poverty; it is the consequence of the fact that the consumers are better supplied than they would have been in the absence of the entrepreneur’s efforts.
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Anybody Effort Entrepreneur Poverty Successful
Historical knowledge is indispensable for those who want to build a better world
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Better Build Historical Indispensable Knowledge Want World
To the masses, the catchwords of Socialism sound so enticing… so they will continue to work for Socialism, helping thereby to bring about the inevitable decline of the civilization which the nations of the West have taken thousands of years to build up.
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Catchword Civilization Continue Help Inciting Mass Socialism Sound Taken Work Year
The worst evils which mankind ever had to endure were inflicted by governments.
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Endure Evil Government Infected Mankind Worst
The champions of socialism call themselves progressives, but they recommend a system which is characterized by rigid observance of routine and by a resistance to every kind of improvement.
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Bless Championship Characteristics Garden Men Observation Progressive Recommend Routine Socialism System
It is important to remember that government interference always means either violent action or the threat of such action.
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Action Important Mean Men Prison Guard Remember Threat Violent
The state can be and has often been in the course of history the main source of mischief and disaster.
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Course Disaster Liberty Mischief Often Peace Source State War
For them the main thing is not to improve the conditions of the masses, but to harm the entrepreneurs and capitalists even if this policy victimizes the immense majority of the people.
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Capitalism Condition Entrepreneur Immerse Improve Majority People
If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action.
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Account Faire Faliblity Government Laissez Man Moral React Reason Reject Same Weakness
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.
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Appearance Artificial Boom Collapse Create Depression Expansion Open Soon Way
Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.
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Economic First Intellectual Problem Prosperity Spiritual
Capitalism gave the world what it needed, a higher standard of living for a steadily increasing number of people.
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Capitalism Need Number People Standard Steadily World
All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out
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Capitalism Fanatical Fighting Homage Implicity Liberty Passionately People Zeal
There is no means of avoiding the final collapse of a boom brought about by credit expansion.
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Avoid Boom Collapse Credit Expansion Final Liberty Mean
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.
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Advocate Control Inflation Need Order Public Voter
The gold standard makes the money’s purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.
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Ambition Change Defeat Doctrine Excellent Independent Make Money Party Political Purchase Standard

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