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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

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Causes Crash Credit Depression Four Panic Summed

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What the advocates of these tax rates fail to realize is that the greater part of the incomes taxed away would not have been consumed but saved and invested.
LUDWIG VON MISES

Advocate Consumed Greater Income Invest Tax
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
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 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.
LUDWIG VON MISES

Ambition Change Defeat Doctrine Excellent Independent Make Money Party Political Purchase Standard
The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.
LUDWIG VON MISES

Act God Important Inflation Most Remember Things
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
He who is unfit to serve his fellow citizens wants to rule them.
LUDWIG VON MISES

Citizen Fellow Rule Them Until Want
The worst evils which mankind ever had to endure were inflicted by governments.
LUDWIG VON MISES

Endure Evil Government Infected Mankind Worst
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
All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.
LUDWIG VON MISES

Action First Rational Reason Think
The first requisite for a better social order is the return to unrestricted freedom of thought and speech.
LUDWIG VON MISES

First Freedom Order Requistle Return Speech Unrestricted
The truth is that the government cannot give if it does not take from somebody…It is not in the power of the government to make everybody more prosperous.
LUDWIG VON MISES

Doe Giving Government Somebody Truth
Depression is the aftermath of credit expansion.
LUDWIG VON MISES

Aftermath Credit Depression Expansion
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
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
The liars must be afraid of the truth and are therefore driven to suppress its pronouncement.
LUDWIG VON MISES

Afraid Driven Liar Pronouncement Suppress
Liberty is meaningless if it is only the liberty to agree with those in power.
LUDWIG VON MISES

Agree Liberty Meaningless Only Power
The final outcome of the credit expansion is general impoverishment.
LUDWIG VON MISES

Credit Expansion Final General Impoverishment Outcome
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
Private property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will.
LUDWIG VON MISES

Authoritarian Create Individual Limit Operation Private Spheres State
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 alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
LUDWIG VON MISES

Abandonment Alternative Come Currency Expansion Involved Sooner Voluntary Whether
A higher standard of living also brings about a higher standard of culture and civilization.
LUDWIG VON MISES

Civilization Cultural Higher Living Standard
The essential feature of government is the enforcement of its decrees by beating, killing, and imprisoning.
LUDWIG VON MISES

Beat Enforcement Essential Government Kill
The flowering of human society depends on two factors: the intellectual power of outstanding men to conceive sound social and economic theories, and the ability of these or other men to make these ideologies palatable to the majority.
LUDWIG VON MISES

Conceive Economic Factor Flowrm Human Ideas Intellectual Men Outstanding Social Society Sound Two
Freedom is indivisible. As soon as one starts to restrict it, one enters upon a decline on which it is difficult to stop.
LUDWIG VON MISES

Difficult Enter Freedom Indivisible One Restrict Soon Start Stop
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

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