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2012 August 17
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"Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things." |
"I wasn't worth a cent two years ago, and now I owe two million dollars." |
"Felix qui nihil debet." ("Happy is he who owes nothing.") |
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2012 August 16
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"The cardinal maxim is, that any aid to a present bad Bank is
the surest mode of preventing the establishment of a future good Bank." |
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2012 August 15
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"In theory, there is no difference
between theory and practice,
but in practice, there is." |
"The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government." |
"Bankruptcies of governments have, on the whole, done
less harm to mankind than their ability to raise loans." |
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2012 August 14
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"Some people regard private enterprise as a predatory tiger to be shot.
Others look on it as a cow they can milk.
Not enough people see it as a healthy horse, pulling a sturdy wagon." |
"The uniform, constant, and uninterrupted effort of every man to better his condition ... is frequently powerful enough to maintain the natural progress of things toward improvement, in spite of the extravagance of government, and of the greatest errors of administration." |
"Capital will always go where it’s welcome and stay where it’s well treated. Capital is not just money. It’s also talent and ideas. They, too, will go where they’re welcome and stay where they are well treated." |
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2012 August 13
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"Political ideas that have dominated the public mind for decades cannot be refuted through rational arguments. They must run their course in life and cannot collapse otherwise than in great catastrophe..." |
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"Men, it has been well said, think in herds;
it will be seen that they go mad in herds,
while they only recover their senses slowly, and one by one." |
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