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"Depreciation of money can benefit debtors only when it is unforeseen. If inflationary measures and a reduction of the value of money are expected, then those who lend money will demand higher interest in order to compensate their probable loss of capital, and those who seek loans will be prepared to pay the higher interest because they have a prospect of gaining on capital account."
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"Some people will each start investing more of their salary on 'their' house and spending less of it on 'their' car or cars only when they start being able to take 'their' house to work, funerals, weddings, etc."
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Personal Development
"Don't spend your money on luxuries. Save it and secure a safe future. Don't crave for quick satisfaction."
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Personal Development
"When buying shares, ask yourself, would you buy the whole company?"
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Personal Development
"Money is a necessity, but not the determinant of a successful life. It is there to secure you, but not to save you! It is there to support you, but not to sanctify you!"
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Personal Development
"What the culture of get rich quick does to our people is Fraudulent money schemes are prevalent in the society."
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Personal Development
"God will always respond to our responsible management of the riches we have received from Him with promotion and stability."
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Personal Development
"He who makes $25,000 annually through passive income is more enviable than he who earns $100,000 annually through a salary."
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Personal Development
"The only difference, apart from heaps of cash, between someone who is wealthy and someone who is poor is having the right mindset and attitude."
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Personal Development
"The hardest thing to understand in the world is the income tax."
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Personal Development
"Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions."
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Personal Development
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"Whoever wishes peace among peoples must fight statism."
Peace
"The attempt to restrain prices within limits has to be given up. A government that sets out to abolish market prices is inevitably driven towards the abolition of private property."
Economics
"A third group of inflationists do not deny that inflation involves serious disadvantages. Nevertheless, they think that there are higher and more important aims of economic policy than a sound monetary system. They hold that although inflation may be a great evil, yet it is not the greatest evil, and that the State might under certain circumstances find itself in a position where it would do well to oppose greater evils with the lesser evil of inflation."
Economics
"That policy which aims at raising the objective exchange-value of money is called, after the most important means at its disposal, restrictionism or deflationism. This nomenclature does not really embrace all the policies that aim at an increase in the value of money. The aim of restrictionism may also be attained by not increasing the quantity of money when the demand for it increases, or by not increasing it enough. This method has quite often been adopted as a way of increasing the value of money in face of the problems of a depreciated credit-money standard."
Economics
"Neither has the wealth of a country any bearing on the valuation of its money. Nothing is more erroneous than the widespread habit of regarding the monetary standard as something in the nature of the shares of the State or the community.Such observers fail to recognize that the valuation of the rnonetary unit does not depend upon the wealth of the country, but upon the ratio between the quantity of money and the demand for it, so that even the richest country may have a bad currency and the poorest country a good one."
Economics
"Praxeology is a theoretical and systematic, not a historical, science. Its scope is human action as such, irrespective of all environmental, accidental, and individual circumstances of the concrete acts. Its cognition is purely formal and general without reference to the material content and the particular features of the actual case. It aims at knowledge valid for all instances in which the conditions exactly correspond to those implied in its assumptions and inferences. Its statements and propositions are not derived from experience. They are, like those of logic and mathematics, a priori. They are not subject to verification or falsification on the ground of experience and facts."
Philosophy
"The philosophy of protectionism is a philosophy of war."
War
"The balance-of-payments theory forgets that the volume of foreign trade is completely dependent upon prices, that neither exportation nor importation can occur if there are no differences in prices to make trade profitable."
Economics
"Paper money in time of war, the new notes will first go into the pockets of the war contractors. 'As a result, these persons' demands for certain articles will increase and so also the price and the sale of these articles, but especially in so far as they are luxury articles. Thus the position of the producers of these articles will be improved, their demand for other commodities will also increase, and thus the increase of prices and sales will go on, distributing itself over a constantly augmented number of articles, until at last it has reached them all."
Economics
"They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free."
Economics
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