They tell us that the government can spend and spend without taxing at all, that it can continue to pile up debt without ever paying it off, because "we owe it to ourselves". Such pleasant dreams in the past have always been shattered by national insolvency or a runaway inflation. All government expenditures must eventually be paid out of the proceeds of taxation and inflation itself is merely a form, and a particularly vicious form, of taxation.
Once you think that something is improbable and everybody thinks it, people modify their behavior in a way that makes it more probable. Everyone thought it was so improbable that so many people would default on real estate, it actually created a greater probability that it would happen because more capital flowed into that sector.
Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way
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