“Speculation does not determine prices; it has to accept the prices that are determined in the market. I ts efforts are directed to correctly estimating future price-situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices.”

“Speculation does not determine prices; it has to accept the prices that are determined in the market. I ts efforts are directed to correctly estimating future price-situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices.”

“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.”