The History Of Mankind Is

The Prevailing Legal And Moral Views Of A Time Are Held Not Only By Those Whom They Benefit But By Those, Too, Who Appear To Suffer From Them. Their Domination Is Expressed In That Fact- That The People From Whom They Claim Sacrifice Accept Them.

Once Public Opinion Is Convinced That The Increase In The Quantity Of Money Will Continue And Never Come To An End, And That Consequently The Prices Of All Commodities Will Not Cease To Rise, Everybody Becomes Eager To Buy As Much As Possible And Restrict His Cash Holdings To Minimum Size... If The Credit Expansion Is Not Stopped In Time, The Boom Turns To Crack-up Boom: The Flight Into Real Values Begins, And The Whole Monetary System Founders.

Government Means Always Coercion And Compulsion And Is By Necessity The Opposite Of Liberty.

The State Is The Only Institution Entitled To Apply Coercion And Compulsion And To Inflict Harm Upon Individuals. This Tremendous Power Cannot Be Abandoned To The Discretion Of Some Men, However Competent And Clever They May Deem Themselves. It Is Necessary To Restrict Its Application. This Is The Task Of The Laws.

Political Ideas That Have Dominated The Public Mind For Decades Cannot Be Refuted Through Rational Arguments. They Must Run Their Course In Life And Cannot Collapse Otherwise Than In Great Catastrophe.