A government debt is a government claim against personal income and private property - an unpaid tax bill.
A 'social justice' society is a conflict which locks beneficiaries and victims alike in a struggle without end. It becomes a society torn apart by resentment over the wealth of capitalists.
Political power intoxicates the best hearts. No man is wise enough, nor good enough, to be trusted with much political power.
For more than two thousand years gold's natural qualities made it man's universal medium of exchange. In contrast to political money, gold is honest money that survived the ages and will live on long after the political fiats of today have gone the way of all paper.
Unfortunately, it is not in the power of government to make everyone more prosperous. Government can only raise the income of one person by taking from another.
To reverse the trend and reduce the role of government in our lives, and thus alleviate the government deficit and inflation pressures, is a giant educational task. The social and economic ideas that gave birth to the transfer system must be discredited and replaced with old values of individual independence and self-reliance. The social philosophy of individual freedom and unhampered private property must again be our guiding light.
When all the mysticism is stripped away, the people who comprise the government (the legislators, administrators, judges, and policemen), are guided by human interests, desires, beliefs, notions, and prejudices, just like other people. They have neither superhuman wisdom nor extraordinary virtue.
The gold standard sooner or later will return with the force and inevitability of natural law, for it is the money of freedom and honesty.
Instead of safeguarding truth and honesty, the state then tends to become a major source of insincerity and mendacity.
War cannot be driven out by war, for the use of evil breeds more evil, hostility more hostility, and the use of force more force.
Few policies are more calculated to destroy the existing basis of a free society than the debauching of its currency. And few tasks, if any, are more important to the champion of freedom than creation of a sound monetary system.
To live beyond your means today is to live below them tomorrow.
Modern government has become a universal transfer agency that utilizes the political process for distributing vast measures of income and wealth. It preys on millions of victims in order to allocate valuable goods and services to its beneficiaries.
We are ever aware that politics is an ugly struggle that determines 'who gets what, when, and how.' It is the favorite occupation of people who serve special interests, who have axes to grind, and public careers to advance. It is a game in which benefits are bestowed according to political skill and connection, rather than merit.
The government transfers income and wealth according to the rules of politics, which make politicians the primary beneficiaries of the system, and the poor and needy the primary victims.
Centers of unionism are also the centers of unemployment.
An ounce of gold is an ounce of gold, whether it consists of guineas, sovereigns or eagles.
Government is rather ill-suited and poorly equipped to alleviate the plight of the poor. It lacks moral rules or standards, and is devoid of basic principles in economic and social matters.
Redistribution divided society into two social classes: the beneficiaries of transfer, who are calling for ever more; and the victims, who submit unwillingly. It could hardly fail to injure social peace and harmony.
Most politicians are ever eager to regulate industrial and commercial activity and strike at the economic elite with confiscatory taxation. Unfortunately, regulation and taxation tend to hamper economic activity, inhibit productivity, and depress levels of living.
In a world dependent on international trade and commerce, and staggering under a heavy load of international debt, no policy is more destructive than protectionism. It cuts off markets, eliminates trade, causes unemployment in the export industries all over the world, depresses the prices of export commodities, especially farm products of the United States. It is the crowning folly of government intervention.
If we cannot return to fiscal integrity because the public prefers profusion and prodigality over balanced budgets, we cannot escape paying the price, which is ever lower incomes and standards of living for all.
The transfer society is forever testing the bounds of patience of taxpayers. Having reached the limit and still facing loud demands for more benefits, it resorts to deficit financing.
Wherever politics intrudes upon economic life, political success is readily attained by saying what people like to hear rather than what is demonstrably true. Instead of safeguarding truth and honesty, the state then tends to become a major source of insi
Sound money and free banking are not impossible; they are merely illegal.
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