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"When the value of money is increased, then those are enriched who at the time possess credit money or claims to credit money. Their enrichment must be paid for by debtors, among them the State (i.e., the tax-payers). Yet those who are enriched by the increase in the value of money are not the same as those who were injured by the depreciation of money in the course of the inflation; and those who must bear the cost of the policy of raising the value of money are not the same as those who benefited by its depreciation. To carry out a deflationary policy is not to do away with the consequences of inflation. You cannot make good an old breach of the law by committing a new one."
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"You have to see every unit of currency that passes through your hands as a seed to your financial future."
Explore more quotes by Ludwig von Mises
"If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace."
"Only one thing can conquer war - that attitude of mind which can see nothing in war but destruction and annihilation."
"The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest."
"To defeat the aggressors is not enough to make peace durable. The main thing is to discard the ideology that generates war."
"It has been proposed that monetary liabilities should be settled in terms of gold and not according to their nominal amount. If this proposal were adopted, for each mark that had been borrowed that sum would have to be repaid that could at the time of repayment buy the same weight of gold as one mark could at the time when the debt contract was entered into. The fact that such proposals are now put forward and meet with approval shows that etatism has already lost its hold on the monetary system and that inflationary policies are inevitably approaching their end. Even only a few years ago, such a proposal would either have been ridiculed or else branded as high treason."
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