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"The collapse of an inflation policy carried to its extreme -- as in the United States in 1781 and in France in 1796 -- does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again."
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"Rome sees some bloke from the London School of Economics on the telly while he's flicking through the channels. This chap makes the point that governments don't actually do anything for us. The only thing that makes them boss is that they control all the currency. Historically, anyone proposing an alternative to cash is brutally suppressed, but then historically they haven't got the Internet, which makes such things much easier to set up; much harder to crack down on."
"First, I'd like to point out that I didn't use 'one of mine.' You refused to let me pay for my ice cream cone with a good ol' fashioned credit card, and you forced your pretend money on me. Secondly, I can't take any currency seriously that looks like it belongs in a psychedelic-inspired Special Edition Monopoly box."
"The collapse of an inflation policy carried to its extreme -- as in the United States in 1781 and in France in 1796 -- does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again."
Explore more quotes by Ludwig von Mises
"History likewise shows that sometimes the 'monetary standard of the victors' can prove to be very bad. There have seldom been more brilliant victories than those eventually achieved by the American insurgents under Washington against the English troops. But the American 'continental" dollar did not benefit from them. The more proudly the star-spangled banner rose on high, the lower did the exchange-rate fall, until, at the very moment when the victory of the rebels was secured, the dollar became entirely valueless. The course of events was no different not long afterwards in France. In spite of the victories of the revolutionary army, the metal premium rose."
"Only one thing can conquer war - that attitude of mind which can see nothing in war but destruction and annihilation."
"If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace."
"Every separate economic agent maintains a stock of money that corresponds to the extent and intensity with which he is able to express his demand for it in the market. If the objective exchange-value of all the stocks of money in the world could be instantaneously and in equal proportion increased or decreased, if all at once the money-prices of all goods and services could rise or fall uniformly, the relative wealth of individual economic agents would not be affected. Subsequent monetary calculation would be in larger or smaller figures; that is all."
"Since its appearance the view that prostitution is a product of capitalism has gained ground enormously. And as, in addition, preachers still complain that the good old morals have decayed, and accuse modern culture of having led to loose living, everyone is convinced that all sexual wrongs represent a symptom of decadence peculiar to our age."
"Romanticism is man's revolt against reason, as well as against the condition under which nature has compelled him to live."
"Inflation made it possible to divert the fury of the people to 'speculators' and 'profiteers'. Thus it proved itself an excellent psychological resource of the destructive and annihilist war policy."
"Modern society, based as it is on the division of labor, can be preserved only under conditions of lasting peace."
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