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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

Society has arisen out of the works of peace; the essence of society is peacemaking. Peace and not war is the father of all things.
LUDWIG VON MISES

Arisen Essence Father Make Out Peace Society War Work
The worship of the state is the worship of force. There is no more dangerous menace to civilization than a government of incompetent, corrupt, or vile men.
LUDWIG VON MISES

Civilization Evil Force Men State Worship
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.
LUDWIG VON MISES

Anybody Effort Entrepreneur Poverty Successful
Socialism is not in the least what it pretends to be. It is not the pioneer of a better and finer world, but the spoiler of what thousands of years of civilization have created. It does not build, it destroys.
LUDWIG VON MISES

Better Least Mean Order Pretend Socialism Spoiler Thousand Year
True, governments can reduce the rate of interest in the short run. They can issue additional paper money.
LUDWIG VON MISES

Additional Government Interest Issue Money Paper Rate Reduce Run Running Short
A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.
LUDWIG VON MISES

Between Capitalism Choose Socialism Society System
The real bosses, in the capitalist system of market economy, are the consumers.
LUDWIG VON MISES

Boss Capital Consumer Market System
Depression is the aftermath of credit expansion.
LUDWIG VON MISES

Aftermath Credit Depression Expansion
The issue is always the same: the government or the market. There is no third solution.
LUDWIG VON MISES

Always Government Issues Liberty Solution
Their attitudes result either in profit or in loss for the enterpriser. They make poor men rich and rich men poor. They are no easy bosses.
LUDWIG VON MISES

Attribute Bosses Easy Make Men Profit Result Stem
Liberty is meaningless if it is only the liberty to agree with those in power.
LUDWIG VON MISES

Agree Liberty Meaningless Only Power
All they did was to call their adversaries names and cast suspicion upon their motives. And, unfortunately, the average citizen cannot see through these stratagems.
LUDWIG VON MISES

Adversaries Average Call Name Stratagem Suspicion Unfortunately
The alcoholic and the drug addict harm only themselves by their behavior; the person who violates the rules of morality governing mans life in society harms not only himself, but everyone.
LUDWIG VON MISES

Addict Alcoholic Behavior Drug Gobverming Life Man Morality Person Rule
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 .
LUDWIG VON MISES

Arbitrary Cog Complement Complex Fiscal Government Gradually Inflation Institution Lead Policies Statism
The truth is that most people lack the intellectual ability and courage to resist a popular movement, however pernicious and ill-considered.
LUDWIG VON MISES

Consider Courage Intelectual Most Movement People Popular Truth
The Welfare State is merely a method for transforming the market economy step by step into socialism.
LUDWIG VON MISES

Market Misery Socialism State Step Transform Welfare

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

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

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Popular Authors

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