The Market And Its Inescapable

Notwithstanding All The Passionate Fulminations Of The Spokesmen Of Governments, The Inevitable Consequences Of Inflationism And Expansionism...are Coming To Pass. And Then, Very Late Indeed, Even Simple People Will Discover That Keynes Did Not Teach Us How To Perform The 'miracle...of Turning A Stone Into Bread,' But The Not At All Miraculous Procedure Of Eating The Seed Corn.

Education Rears Disciples, Imitators, And Routinists, Not Pioneers Of New Ideas And Creative Geniuses. The Schools Are Not Nurseries Of Progress And Improvement, But Conservatories Of Tradition And Unvarying Modes Of Thought.

Profits Are The Driving Force Of The Market Economy. The Greater The Profits, The Better The Needs Of The Consumers Are Supplied... He Who Serves The Public Best, Makes The Highest Profits.

Inflationism, However, Is Not An Isolated Phenomenon. It Is Only One Piece In The Total Framework Of Politico-economic And Socio-philosophical Ideas Of Our Time. Just As The Sound Money Policy Of Gold Standard Advocates Went Hand In Hand With Liberalism, Free Trade, Capitalism And Peace, So Is Inflationism Part And Parcel Of Imperialism, Militarism, Protectionism, Statism And Socialism.

If The Present American Laws Concerning The Taxation Of The Profits Of Corporations, The Incomes Of Individuals, And Inheritances Had Been Introduced About 60 Years Ago, All Those New Products Whose Consumption Has Raised The Standard Of Living Of The 'common Man' Would Either Not Be Produced At All Or Only In Small Quantities For The Benefit Of A Minority. The Ford Enterprises Would Not Exist If Henry Ford's Profits Had Been Taxed Away As Soon As They Came Into Being.