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Diluting the money supply with paper is the moral equivalent of diluting the milk supply with water.

Henry Hazlitt

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Henry Hazlitt
Age: 98 †
Born: 1894
Born: November 28
Died: 1993
Died: July 8
Economist
Journalist
Philosopher
Philadelphia
Pennsylvania
Henry Stuart Hazlitt
Milk
Paper
Moral
Water
Money
Diluting
Equivalent
Supply

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The only way government bureaucrats know of keeping prosperity going is to inflate some more - to increase the deficit or to pump more money into the system.
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The solution to our problems is not more paternalism, laws, decrees, and controls, but the restoration of liberty and free enterprise, the restoration of incentives, to let loose the tremendous constructive energies of 300 million Americans.
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The sad fact is that today most of the heads of big businesses in America have become so confused or intimidated that, so far from carrying the free market to argument to the enemy, they fail to defend themselves adequately even when attacked.
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Economics is haunted by more fallacies than any other study known to man
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Government welfarism, with its ever-increasing army of pensioners and other beneficiaries, is fatally easy to launch and fatally easy to extend, but almost impossible to bring to a halt - and quite impossible politically to reverse, no matter how obvious and catastrophic its consequences become.
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It is often sadly remarked that the bad economists present their errors to the public better than the good economists present their truths. It is often complained that demagogues can be more plausible in putting forward economic nonsense from the platform than the honest men who try to show what is wrong with it.
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Need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
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In a thousand fields the welfarists, statists, socialists, and interventionists are daily driving for more restrictions on individual liberty.
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Once the premise is accepted that poverty is never the fault of the poor but the fault of 'society,' or of 'the capitalist system, then there is no definable limit to be set on relief, and the politicians who want to be elected or reelected will compete with each other in proposing new 'welfare' programs to fill some hitherto 'unmet need.'
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One of the worst features of all the plans for sharing wealth and equalizing or guaranteeing incomes is that they lose sight of the conditions and institution s that are necessary to create wealth and income in the first place.
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The only real cure for poverty is production.
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Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation.
Henry Hazlitt
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The great merit of gold is precisely that it is scarce that its quantity is limited by nature that it is costly to discover, to mine, and to process and that it cannot be created by political fiat or caprice.
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The long-run historical tendency of capitalism has not only been to increase real incomes more or less proportionately nearly all along the line, but to benefit the masses even more than the rich.
Henry Hazlitt
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The system of capitalism, of the market economy, is a system of freedom, of justice, of productivity. But these three virtues cannot be separated. Each flows out of the other.
Henry Hazlitt
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A hundred welfare programs, spending more and more billions, lead to chronic budget deficits, which lead to increased paper-money issues, which lead to higher prices.
Henry Hazlitt
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Contrary to age-old prejudices, the wealth of the rich is not the cause of the poverty of the poor, but helps to alleviate that poverty.
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Precisely because the State has the monopoly of coercion it can be allowed the monopoly only of coercion. Only if the modern State can be held within a strictly limited agency of duties and powers can it be prevented from regimenting, conquering, and ultimately devouring the society which gave it birth.
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Capitalism will continue to eliminate mass poverty in more and more places and to an increasingly marked extent if it is merely permitted to do so.
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To try to cure unemployment by inflation rather than by adjustment of specific wage-rates is like trying to adjust the piano to the stool rather than the stool to the piano.
Henry Hazlitt