Sublime

The market, therefore, provides a training ground for the reward and expansion of successful, far-sighted entrepreneurs and the weeding out of inefficient businessmen.

Pay people enough so that they’re not under financial stress, but not so much that they become fat and happy.

Government control of money has turned money from being the reward for producing value to the reward for obedience to government officials.

Even in the capitalist West where they have tried throwing money at problems, what is the end result? You go down New York, Broadway. You will see the beggars, people on the streets. Worse than in the 1950s and in the early ’60s before the Great Society programmes. Why? Why did it get worse after compassion moved a President, motivated with a great

In a society in which capital investments are financed from savings, capital is owned by those with a lower time preference, and they allocate it based on their own estimation of the likelihoods of market success, receiving rewards for being correct and losses for being wrong. But with unsound money, savings are destroyed and capital is instead cre

In the short run, this policy orthodoxy achieved its stated goal, but in the longer run it acted to block the natural process of restoring robust finance, with the consequence that an increasingly fragile financial structure served as an increasing obstacle to capital investment and hence also to robust economic performance. Because of government i

In sum, businessmen were misled by bank credit inflation to invest too much in higher-order capital goods, which could only be prosperously sustained through lower time preferences and greater savings and investment;

General prosperity is favorable to the stability of all governments, but more particularly of a democratic constitution, which depends upon the dispositions of the majority, and more particularly of that portion of the community which is most exposed to feel the pressure of want.

Government‐issued unsound money, however, can stall this process, keeping unproductive firms undead but not truly alive, the economic equivalent of zombies or vampires drawing on the resources of the alive and productive firms to produce things of less value than the resources needed to make them. It creates a new societal caste that exists accordi