All those evils which the [liberals] interpret as evidence of the failure of capitalism, are the necessary outcome of interference with the market.
The comparatively greater prosperity of the United States is an outcome of the fact that the New Deal did not come in 1900 or 1910, but only in 1933.
Capital is not a free gift of God or of nature. It is the outcome of a provident restriction of consumption on the part of man. It is created and increased by saving and maintained by the abstention from dissaving.
The final outcome of the credit expansion is general impoverishment.