“An attempt is sometimes made to demonstrate the desirability of measures directed against speculation by reference to the fact that there are times when there is nobody in opposition to the bears in the foreign-exchange market so that they alone are able to determine the rate of exchange. That, of course, is not correct. Yet it must be noticed that speculation has a peculiar effect in the case of a currency whose progressive depreciation is to be expected while it is impossible to foresee when the depreciation will stop, if at all. While, in general, speculation reduces the gap between the highest and lowest prices without altering the average price-level, here, where the movement will presumably continue in the same direction, this naturally can not be the case. The effect of speculation here is to permit the fluctuation, which would otherwise proceed more uniformly, to proceed by fits and starts with the interposition of pauses.”

“An attempt is sometimes made to demonstrate the desirability of measures directed against speculation by reference to the fact that there are times when there is nobody in opposition to the bears in the foreign-exchange market so that they alone are able to determine the rate of exchange. That, of course, is not correct. Yet it must be noticed that speculation has a peculiar effect in the case of a currency whose progressive depreciation is to be expected while it is impossible to foresee when the depreciation will stop, if at all. While, in general, speculation reduces the gap between the highest and lowest prices without altering the average price-level, here, where the movement will presumably continue in the same direction, this naturally can not be the case. The effect of speculation here is to permit the fluctuation, which would otherwise proceed more uniformly, to proceed by fits and starts with the interposition of pauses.”

“The market system is the basis of our civilization. Its only alternative is the Führer principle.”

“The elimination of profit, whatever methods may be resorted to for its execution, must transform society into a senseless jumble.”

“Society has arisen out of the works of peace the essence of society is peacemaking. ”

“Modern society, based as it is on the division of labor, can be preserved only under conditions of lasting peace.”

“The attainment of the economic aims of man presupposes peace.”

“Whoever wishes peace among peoples must fight statism.”

“Peace and not war is the father of all things.”

“The worst evils which mankind has ever had to endure were inflicted by bad governments.”

“Economically considered, war and revolution are always bad business.”

“Whoever wants peace among nations must seek to limit the state and its influence most strictly.”