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Ludwig von Mises: "This, then, is freedom in the external life of manthat he is independent of the arbitrary power of his fellows. Such freedom is no natural right. It did not exist under primitive conditions. It arose in the process of social development and its final completion is the work of mature Capitalism." - Socialism

Quotable MisesThis database of quotations from Mises was prepared for The Quotable Mises edited by Mark Thornton, available from the Mises Institute store for $20. Send corrections to the editor. Here is a source page on the editions of the books referenced.

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Top> Browse by subject: Credit
Ludwig von MisesCredit transactions are in fact nothing but the exchange of present goods against future goods.The Theory of Money and Credit p. 47Credit
Ludwig von MisesCredit expansion is not a nostrum to make people happy. The boom it engenders must inevitably lead to a debacle and unhappiness.Planning for Freedom p. 189Credit
Ludwig von MisesNo one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion.Planning for Freedom p. 63Credit
Ludwig von MisesThe essence of a credit-expansion boom is not overinvestment, but investment in wrong lines, i.e., malinvestment.Human Action p. 556; p. 559Credit
Ludwig von MisesWhat is needed for a sound expansion of production is additional capital goods, not money or fiduciary media. The credit boom is built on the sands of banknotes and deposits. It must collapse.Human Action p. 559; p. 561Credit
Ludwig von MisesIf the credit expansion is not stopped in time, the boom turns into the crack-up boom; the flight into real values begins, and the whole monetary system founders.Human Action p. 559; p. 562Credit
Ludwig von MisesThe final outcome of the credit expansion is general impoverishment.Human Action p. 562; p. 564Credit
Ludwig von MisesCredit expansion is the governments foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.Human Action p. 788; p. 794Credit
Ludwig von MisesEvery grant of credit is a speculative entrepreneurial venture, the success or failure of which is uncertain.Human Action p. 536; p. 539Creditors
Ludwig von MisesLenders of money have been held in odium, at all times and among all peoples.The Theory of Money and Credit p. 264Creditors