Business Cycles

A satisfactory explanation of business fluctuations must not be built upon the fact that individual firms make bad investments.

The belief of the advocates of credit expansion and inflation that abstention from further credit expansion and inflation would perpetuate the depression is utterly false.

"There can be no such thing as a Keynesian state on the gold standard, any more then a cocaine addict or compulsive gambler can be on a strict budget."

Bankers who engage in fractional-reserve banking really do create "money out of thin air." Austrian economics is superior to Marxism in every respect.

The British Currency School did not criticize the multifarious projects to lower or abolish interest by means of a banking reform.

"The discount of future goods as against present goods is a necessary and eternal category of human action."

As long as the money- supply rate of growth remains a positive figure, there can be no deflation.

This is embarrassing. Here we have a textbook on money, banking, and financial markets, where, presumably, interest-rate theory should play a central role. But there is no theory of interest here.

When an economy is on the ropes, the last thing in the world it needs is for politicians to squander more resources and for the central bank to print up more green pieces of paper.

"People must fight for something that they want to achieve, not simply reject an evil, however bad it may be."