Hayek Was Making Us Think Of The

The History Of Government Management Of Money Has, Except For A Few Short Happy Periods, Been One Of Incessant Fraud And Deception.

It Is One Of The Most Fatal Illusions That, By Substituting Negotiations Between States Or Organized Groups For Competition For Markets Or For Raw Materials, International Friction Would Be Reduced. This Would Merely Put A Contest Of Force In The Place Of What Can Only Metaphorically Be Called The "struggle" Of Competition And Would Transfer To Powerful And Armed States, Subject To No Superior Law, The Rivalries Which Between Individuals Had To Be Decided Without Recourse To Force.

If We Can Reduce The Risk Of Friction Likely To Lead To War, This Is Probably All We Can Reasonably Hope To Achieve.

To Be Controlled In Our Economic Pursuits Means To Be Controlled In Everything.

We Must Not Forget That … Monetary Policy All Over The World Has Followed The Advice Of The Stabilizers. It Is High Time That Their Influence, Which Has Already Done Harm Enough, Should Be Overthrown.