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"Any intervention, such as that of the German Reichsbank in the Spring of 1923, in which only a small part of the increasing note-expansion was recovered by the banks through the sale of foreign bills, would necessarily be unsuccessful. Led by the idea of opposing speculation, inflationistic governments have allowed themselves to become involved in measures whose meaning is hardly intelligible. Thus at one time the importation of notes, then their exportation, then again both their exportation and importation, have been prohibited. Exporters have been forbidden to sell for their own country's notes, importers to buy with them."
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"We cannot be any stronger in our foreign policy for all the bombs and guns we may heap up in our arsenals than we are in the spirit which rules inside the country. Foreign policy, like a river, cannot rise above its source."
"So, I'm lying on the couch and Laura walks in and I say, 'Free at last,' and she says 'You're free all right, you're free to do the dishes.' So I say, 'You're talking to the former president, baby,' and she said, 'consider this your new domestic policy agenda.'"
"A policy is a temporary creed liable to be changed, but while it holds good it has got to be pursued with apostolic zeal."
"A comprehensive national energy policy is critical to our nation's economy and our national security. Energy expenditures account for about 7% percent of our total economy and influence pricing in the much of the rest of the economy."
"Bringing democratic control to the conduct of foreign policy requires a struggle merely to force the issue onto the public agenda."
"The American foreign policy trauma of the sixties and seventies was caused by applying valid principles to unsuitable conditions."
"The one who adapts his policy to the times prospers, and likewise that the one whose policy clashes with the demands of the times does not."
"The American temptation is to believe that foreign policy is a subdivision of psychiatry."
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."
"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."
"No people and no part of a people shall be held against its will in a political association that it does not want."
"The error in this conclusion may be most simply demonstrated by means of an actual example. Let us select for this purpose the monetary history of Austria, which Laughlin also uses as an illustration. From 1859 onwards the Austrian National Bank was released from the obligation to convert its notes on demand into silver, and nobody could tell when the State paper-money issued in 1866 would be redeemed, or even if it would be redeemed at all. It was not until the later 'nineties that the transition to metallic money was completed by the actual resumption of cash payments on the part of the Austro-Hungarian Bank."
"Men are fighting... because they are convinced that the extermination of adversaries is the only means of promoting their own well-being."
"The exchange-value of money is the anticipated use-value of the things that can be obtained with it."
"Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit."
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