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The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.

Ludwig von Mises

Related Topics

Causes Crash Credit Depression Four Panic Summed

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

Economic progress is the work of the savers, who accumulate capital, and of the entrepreneurs, who turn capital to new uses.
LUDWIG VON MISES

Accumulate Capital Economic Entrepreneur Progress Saver Turn
In such vital matters blind reliance upon ‘experts’ and uncritical acceptance of popular catchwords and prejudices is tantamount to the abandonment of self-determination and to yielding to other people’s domination.
LUDWIG VON MISES

Catchwork Domination Matter Other Person Popular Reliance Vital Yield
If we live our lives as a gift it is possible to reach a blissful state of eternal happiness. It is those who live their life with a sense of entitlement that undermine peace , freedom and liberty.
LUDWIG VON MISES

Bless Dream Enlightenment Eternal Happiness Live Mean Possible State
Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.
LUDWIG VON MISES

Economic First Intellectual Problem Prosperity Spiritual
It is vain to fight totalitarianism by adopting totalitarian methods. Freedom can only be won by men unconditionally committed to the principles of freedom.
LUDWIG VON MISES

Adopt Fight Method Totalitarian Vain
The final outcome of the credit expansion is general impoverishment.
LUDWIG VON MISES

Credit Expansion Final General Impoverishment Outcome
Depressions and mass unemployment are not caused by the free market but by government interference in the economy.
LUDWIG VON MISES

Depression Government Interference Market Mass Unemployment
The riches of the rich are not the cause of the poverty of anybody; the process that makes some people rich is, on the contrary, the corollary of the process that improves many peoples want satisfaction.
LUDWIG VON MISES

Anybody Cause Contrary Corollary Entrepreneur Make People Poverty Process Rich Some Want
Laissez faire does not mean: let soulless mechanical forces operate. It means: let individuals choose how they want to cooperate in the social division of labor and let them determine what the entrepreneurs should produce.
LUDWIG VON MISES

Choose Division Entrepreneur Faire Individual Labor Liassez Mean Mechanical Operate Soules
The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.
LUDWIG VON MISES

Causes Crash Credit Depression Four Panic Summed
The entrepreneur profits to the extent he has succeeded in serving the consumers better than other people have done.
LUDWIG VON MISES

Consumer Done Entrepreneur People Profit Successful
There is no means of avoiding the final collapse of a boom brought about by credit expansion.
LUDWIG VON MISES

Avoid Boom Collapse Credit Expansion Final Liberty Mean
This is what capitalism, the much abused profit system, has brought about and brings about daily anew. Yet, most present-day governments and political parties are eager to destroy this system.
LUDWIG VON MISES

Abuse Capitalism Destroy Eager Government Most Profit System Yet
Freedom really means the freedom to make mistakes.
LUDWIG VON MISES

Freedom Mean Mistake Really
The criterion of truth is that it works even if nobody is prepared to acknowledge it.
LUDWIG VON MISES

Acknowledge Criteria Criterion Prepare Truth
The market is a democracy in which every penny gives a right to vote.
LUDWIG VON MISES

Democracy Enny Give Giving Market Pennies

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