War... is harmful, not only to the conquered but to the conqueror.

— Ludwig von Mises

War prosperity is like the prosperity that an earthquake or a plague brings.

— Ludwig von Mises

We can easily imagine a monetary organization which, by the exclusive use of notes or clearing-house methods, allows all transfers to be made with the instrumentality of sums of money that never change their position in space. If differences due to the geographical position of money are disregarded in this way, we get the following law for the exchange-ratio between money and other economic goods: every economic good, that is ready for consumption (in the sense in which that phrase is usually understood in commerce and technology), has a subjective use-value qua consumption good at the place where it is and qua production good at those places to which it may be brought for consumption.

— Ludwig von Mises

We have already examined one of the objections that have been brought against the Quantity Theory; the objection that it only holds good ceteris paribus. No more tenable as an objection against the determinatives of our conclusions is reference to the possibility that an additional quantity of money may be hoarded. This argument has played a prominent role in the history of monetary theory; it was one of the sharpest weapons in the armory of the opponents of the Quantity Theory. Among the arguments of the opponents of the Currency Theory it immediately follows the proposition relating to the elasticity of cash-economizing methods of payment, to which it also bears a close relation as far as its content is concerned.

— Ludwig von Mises

What is called storing money is a way of using wealth. The uncertainty of the future makes it seem advisable to hold a larger or smaller part of one's possessions in a form that will facilitate a change from one way of using wealth to another, or transition from the ownership of one good to that of another, in order to preserve the opportunity of being able without difficulty to satisfy urgent demands that may arise in the future for goods that will have to be obtained by way of exchange.

— Ludwig von Mises

What is thus improperly regarded as profit, instead of as part of capital, is consumed by the entrepreneur or passed on either to the consumer in the form of price-reductions that would not otherwise have been made or to the laborer in the form of higher wages, and the government proceeds to tax it as income or profits. In any case, consumption of capital results from the fact that monetary depreciation falsifies capital accounting.

— Ludwig von Mises

What ranks above all else for economic and political reconstruction is a radical change of ideologies. Economic prosperity is not so much a material problem; it is, first, an intellectual, spiritual, and moral problem.

— Ludwig von Mises

When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money.

— Ludwig von Mises

When individuals are exchanging present goods against future goods they do not take account in their valuations of Variations in the objective exchange-value of money. Lenders and borrowers are not in the habit of allowing for possible future fluctuations in the objective exchange-value of money.

— Ludwig von Mises

When jurists and businessmen assert that the depreciation of money has a very great influence on all kinds of debt relations, that it makes all kinds of business more difficult, or even impossible, that it invariably leads to consequences that nobody desires and that everybody feels to be unjust, we naturally agree with them. In a social order that is entirely founded on the use of money and in which all accounting is done in terms of money, the destruction of the monetary system means nothing less than the destruction of the basis of all exchange. Nevertheless, this evil cannot be counteracted by ad hoc laws designed to remove the burden of the depreciation from single persons, or groups of persons, or classes of the community,

— Ludwig von Mises