Thanks to Autonomous Mind.
There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.
Ludwig von Mises
"Like every other tax, inflation acts to determine the individual and
business policies we are all forced to follow. It discourages all prudence
and thrift. It encourages squandering, gambling, reckless waste
of all kinds. It often makes it more profitable to speculate than to produce.
It tears apart the whole fabric of stable economic relationships.
Its inexcusable injustices drive men toward desperate remedies. It
plants the seeds of fascism and communism. It leads men to demand
totalitarian controls. It ends invariably in bitter disillusion and collapse."
Henry Hazlitt, Economics in One Lesson
"But who can enforce honest weights and measures
regarding money if the enforcers—politicians and rulers—
are profiting from the cheating? That is the problem
that no society has ever been able to solve. Government
money eventually becomes corrupt money."
Gary North, Honest Money
"As a result I am more convinced than ever that if we ever again are going to have a decent money, it will not come from government: it will be issued by private enterprise, because providing the public with good money which it can trust and use can not only be an extremely profitable business; it imposes on the issuer a discipline to which the government has never been and cannot be subject. It is a business which competing enterprise can maintain only if it gives the public as good a money as anybody else."
FA Hayek, A Free-Market Monetary System
"By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some."
John Maynard Keynes, Economic Consequences of the Peace