"As soon as a crisis breaks out, within the given institutional framework, the same mistake will be made over and over again, on a larger and larger scale. Every future crisis will be bigger than the crisis that we had before."

“Essentially, economic analysis consists of: an understanding of the categories of action and an understanding of the meaning of a change in values, costs, technological knowledge, etc.; a description of a situation in which these categories assume concrete meaning, where definite people are identified as actors with definite objects specified as their means of action, with definite goals identified as values and definite things specified as costs; and a deduction of the consequences that result from the performance of some specified action in this situation, or of the consequences that result for an actor if this situation is changed in a specified way. And this deduction must yield a priori-valid conclusions, provided there is no flaw in the very process of deduction and the situation and the change introduced into it being given, and a priori—valid conclusions about reality if the situation and situation—change, as described, can themselves be identified as real, because then their validity would ultimately go back to the indisputable validity of the categories of action.”

“We must promote the idea of secession. Or more specifically, we must promote the idea of a world composed of tens of thousands of distinct districts, regions, and cantons, and hundred of thousands of independent free cities such as the present day oddities of Monaco, Andorra, San Marino, Liechtenstein, Hong Kong, and Singapore. Greatly increased opportunities for economically motivated migration would thus result, and the world would be one of small liberal governments economically integrated through free trade and an international commodity money such as gold.”

“In every society, a few individuals acquire the status of an elite through talent. Due to superior achievements of wealth, wisdom, and bravery, these individuals come to possess natural authority, and their opinions and judgments enjoy wide-spread respect. Moreover, because of selective mating, marriage, and the laws of civil and genetic inheritance, positions of natural authority are likely to be passed on within a few noble families. It is to the heads of these families with long-established records of superior achievement, farsightedness, and exemplary personal conduct that men turn to with their conflicts and complaints against each other. These leaders of the natural elite act as judges and peacemakers, often free of charge out of a sense of duty expected of a person of authority or out of concern for civil justice as a privately produced "public good.”

“...bums and inferior people will likely support his egalitarian policies, whereas geniuses and superior people will not. For reason...a democratic ruler undertakes little to actively expel those people whose presence within the country constitutes a negative externality .”

“ur existence is due to the fact that we do not, indeed cannot accept a norm outlawing property in other scarce resources next to and in addition to that of one's physical body. Hence, the right to acquire such goods must be assumed to exist.”

“The monopolization of money and banking is the ultimate pillar on which the modern state rests. In fact, it is probably become the most cherished instrument for increasing state income. For nowhere else can the state make the connection between redistribution-expenditure and exploitation-return more directly, quickly, and securely than by monopolizing money and banking. And nowhere else are the state's schemes less clearly understood than here.”