From The Quotable Mises — surrounding passage

The Theory of Money and Credit , p. 177 Who has any doubt that the belligerent peoples of Europe would have tired of war much more quickly if their governments had clearly and candidly laid before them at the time the account of their war expenditure? The Theory of Money and Credit , p. 254 Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism. The Theory of Money and Credit , p. 255

“Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism.”

The Theory of Money and Credit , p. 468 No emergency can justify a return to inflation. Inflation can provide neither the weapons a nation needs to defend its independence nor the capital goods required for any project. It does not cure unsatisfactory conditions. It merely helps the rulers whose policies brought about the catastrophe to exculpate themselves. The Theory of Money and Credit , p.