Bad money drives out good.
The state can be and has often been in the course of history the main source of mischief and disaster.
When all the experts and forecasts agree, something else is going to happen.
Another lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills.
If something cannot go on forever, it will stop.
To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit.
If a company gambles on leverage, it'll probably go bankrupt on leverage.
The longer the boom of inflationary bank credit continues, the greater the scope of malinvestments in capital goods, and the greater the need for liquidation of these unsound investments. When the credit expansion stops, reverses, or even significantly slows down, the malinvestments are revealed.
When goods don’t cross borders, soldiers will.
Spending money to show people how much money you have is the fastest way to have less money.
The issue is always the same: the government or the market. There is no third solution.
Hope is not a strategy.
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