Liberty Is Meaningless If It Is Only

Big Business Depends Entirely On The Patronage Of Those Who Buy Its Products: The Biggest Enterprises Loses Its Power And Its Influence When It Loses Its Customers.

Wars Of Aggression Are Popular Nowadays With Those Nations Convinced That Only Victory And Conquest Could Improve Their Material Well-being.

Governments, Political Parties, Pressure Groups, And The Bureaucrats Of The Educational Hierarchy Think They Can Avoid The Inevitable Consequences Of Unsuitable Measures By Boycotting And Silencing The Independent Economists. But Truth Persists And Works, Even If Nobody Is Left To Utter It.

There Is No Means Of Avoiding The Final Collapse Of A Boom Brought About By Credit Expansion. 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.

In Capitalist Enterprise There Is No Secure Income And No Security Of Wealth.