All Production Is For The Purpose Of

Professional Investment May Be Likened To Those Newspaper Competitions In Which The Competitors Have To Pick Out The Six Prettiest Faces From A Hundred Photographs, The Prize Being Awarded To The Competitor Whose Choice Most Nearly Corresponds To The Average Preferences Of The Competitors As A Whole.

It Is Not The Ownership Of The Instruments Of Production Which It Is Important For The State To Assume. If The State Is Able To Determine The Aggregate Amount Of Resources Devoted To Augmenting The Instruments And The Basic Rate Of Reward To Those Who Own Them, It Will Have Accomplished All That Is Necessary. Moreover, The Necessary Measures Of Socialization Can Be Introduced Gradually And Without A Break In The General Traditions Of Society.

The Avoidance Of Taxes Is The Only Intellectual Pursuit That Still Carries Any Reward.

By This Means (fractional Reserve Banking) Government May Secretly And Unobserved, Confiscate The Wealth Of The People, And Not One Man In A Million Will Detect The Theft.

A Sound Banker, Alas, Is Not One Who Foresees Danger And Avoids It, But One Who, When He Is Ruined, Is Ruined In A Conventional Way Along With His Fellows, So That No One Can Really Blame Him.