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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

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
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
Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.
LUDWIG VON MISES

Additional Borrow Citizen Fund Government Job Provide Spend Taxi
None can stand aside with unconcern; the interest of everyone hangs on the result. Whether he chooses or not, every man is drawn into the great historical struggle, the decisive battle into which our epoch has plunged us.
LUDWIG VON MISES

Approach Battle Decisive Hang None Plunged Result Unconcern
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
They do not realize that, in a system where there is no market, where the government directs everything, all those other freedoms are illusory, even if they are made into laws and written up in constitutions.
LUDWIG VON MISES

Constitution Direct Freedom Government Illusory Law Market Other System
Government cannot make man richer, but it can make him poorer.
LUDWIG VON MISES

Government Make Poorer Richer
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 greater the amount of capital invested per head of the worker, the more and better goods can be produced and consumed.
LUDWIG VON MISES

Amount Better Capital Consume Good Greater Head Invest Produce
They promise the blessings of the Garden of Eden, but they plan to transform the world into a gigantic post office. Every man but one a subordinate clerk in a bureau.
LUDWIG VON MISES

Bless Bureau Clerk Garden Man Promise Subordinate Transform
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 real bosses in the capitalist system of market economy are the consumers. They by their buying and by their abstention from buying decide who should own the capital and run the plants. They determine what should be produced and in what quantity and quality.
LUDWIG VON MISES

Attitude Boss Capital Consumer Economic Market Real Running System
A free press can only exist where there is private control over the means of production
LUDWIG VON MISES

Control Free Mean Over Press Private Production
The state can be and has often been in the course of history the main source of mischief and disaster.
LUDWIG VON MISES

Course Disaster Liberty Mischief Often Peace Source State War
It is important to remember that government interference always means either violent action or the threat of such action.
LUDWIG VON MISES

Action Important Mean Men Prison Guard Remember Threat Violent
He who is unfit to serve his fellow citizens wants to rule them.
LUDWIG VON MISES

Citizen Fellow Rule Them Until Want

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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