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The final outcome of the credit expansion is general impoverishment.

Ludwig von Mises

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Ludwig von Mises
Age: 92 †
Born: 1881
Born: September 29
Died: 1973
Died: October 10
Economist
Philosopher
University Teacher
Writer
Lemberg
Austria
Ludwig Heinrich Edler von Mises
Ludwig Heinrich Mises
Outcomes
Final
Finals
Credit
General
Politics
Impoverishment
Outcome
Expansion

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A higher standard of living also brings about a higher standard of culture and civilization.
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It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
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As soon as the economic freedom which the market economy grants to its members is removed, all political liberties and bills of rights become humbug.
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The state is the only institution entitled to apply coercion and compulsion and to inflict harm upon individuals. This tremendous power cannot be abandoned to the discretion of some men, however competent and clever they may deem themselves. It is necessary to restrict its application. This is the task of the laws.
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A new type of superstition has got hold of people's minds, the worship of the state.
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This dilettantish inability to comprehend the essential issues of the conduct of production affairs is not only manifested in the writings of Marx and Engels. It permeates no less the contributions of contemporary pseudo-economics.
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Government means always coercion and compulsion and is by necessity the opposite of liberty.
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During the 2300 years since Plato, very little opposition has been registered to his ideas.
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It is certain that many intellectuals envy the higher income of prosperous businessmen and that these feelings drive them toward socialism. They believe that the authorities of a socialist commonwealth would pay them higher salaries than those that they earn under capitalism.
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