--- title: "12 Expansion Quotes By Ludwig von Mises" description: "12 Expansion quotes by Ludwig von Mises. Plus more from Ludwig von Mises and more Expansion sayings from other authors." image: "https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png" --- > [The final outcome of the credit expansion is general impoverishment.](https://sms4smile.com/quotes/ludwig-von-mises/the-final-outcome-of-the-credit-expansion-is-general-impoverishment/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png) > [Depression is the aftermath of credit expansion.](https://sms4smile.com/quotes/ludwig-von-mises/depression-is-the-aftermath-of-credit-expansion/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/85f/ludwig-von-mises-364_aftermath_depression-is-the-aftermath-of-credit-ex_224770.png) > [Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a…](https://sms4smile.com/quotes/ludwig-von-mises/credit-expansion-can-bring-about-a-temporary-boom-but-such-a/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/292/ludwig-von-mises-364_credit_credit-expansion-can-bring-about-a-tempo_228511.png) > [No one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe…](https://sms4smile.com/quotes/ludwig-von-mises/no-one-should-expect-that-any-logical-argument-or-any-experience/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/152/ludwig-von-mises-364_argument_no-one-should-expect-that-any-logical-ar_1525028.jpg) > [What governments call international monetary cooperation is concerted action for the sake of credit expansion.](https://sms4smile.com/quotes/ludwig-von-mises/what-governments-call-international-monetary-cooperation-is-concerted/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/77c/ludwig-von-mises-364_action_what-governments-call-international-mone_3079825.png) > [What is needed for a sound expansion of production is additional capital goods, not money or fiduciary media. The credit expansion is…](https://sms4smile.com/quotes/ludwig-von-mises/what-is-needed-for-a-sound-expansion-of-production-is-additional/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/9b6/ludwig-von-mises-364_built_what-is-needed-for-a-sound-expansion-of_2796137.jpg) > [True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the…](https://sms4smile.com/quotes/ludwig-von-mises/true-governments-can-reduce-the-rate-of-interest-in-the-short-run/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/ae4/ludwig-von-mises-364_appearance_true-governments-can-reduce-the-rate-of_2351959.jpg) > [Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands…](https://sms4smile.com/quotes/ludwig-von-mises/government-policies-try-to-prevent-the-emergence-of-serious/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/258/ludwig-von-mises-364_credit_government-policies-try-to-prevent-the-e_2756756.jpg) > [Credit expansion is the governments' foremost tool in their struggle against the market economy. In their hands it is the magic wand…](https://sms4smile.com/quotes/ludwig-von-mises/credit-expansion-is-the-governments-foremost-tool-in-their-struggle/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/05b/ludwig-von-mises-364_abolish_credit-expansion-is-the-governments-fore_2422435.jpg) > [There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether…](https://sms4smile.com/quotes/ludwig-von-mises/there-is-no-means-of-avoiding-the-final-collapse-of-a-boom-brought/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/b87/ludwig-von-mises-364_abandonment_there-is-no-means-of-avoiding-the-final_168711.png) > [Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and…](https://sms4smile.com/quotes/ludwig-von-mises/once-public-opinion-is-convinced-that-the-increase-in-the-quantity-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/c31/ludwig-von-mises-364_boom_once-public-opinion-is-convinced-that-th_2032820.jpg) > [One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new…](https://sms4smile.com/quotes/ludwig-von-mises/one-day-because-they-realize-for-some-reason-or-other-that-they-must/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Image](https://sms4smile.com/quotes/i/5d9/ludwig-von-mises-364_bills_one-day-because-they-realize-for-some-re_741880.png) ## Other authors on Expansion ## More by Ludwig von Mises > [If the members of parliament no longer consider themselves mandatories of the taxpayers but deputies of those receiving salaries, wages, subsidies, doles, and other…](https://sms4smile.com/quotes/ludwig-von-mises/if-the-members-of-parliament-no-longer-consider-themselves/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Changes in human conditions are brought about by the pioneering of the cleverest and most energetic men. They take the lead and the rest…](https://sms4smile.com/quotes/ludwig-von-mises/changes-in-human-conditions-are-brought-about-by-the-pioneering-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [During the 2300 years since Plato, very little opposition has been registered to his ideas.](https://sms4smile.com/quotes/ludwig-von-mises/during-the-2300-years-since-plato-very-little-opposition-has-been/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [“How little one is justified in speaking in this connection of "optimism" and "pessimism" and how much the characterization of liberalism as "optimistic" aims…](https://sms4smile.com/quotes/ludwig-von-mises/how-little-one-is-justified-in-speaking-in-this-connection-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Every step by which an individual substitutes concerted action for isolated action results in an immediate and recognizable improvement in his conditions. The advantages…](https://sms4smile.com/quotes/ludwig-von-mises/every-step-by-which-an-individual-substitutes-concerted-action-for/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent…](https://sms4smile.com/quotes/ludwig-von-mises/the-capitalistic-social-order-therefore-is-an-economic-democracy-in/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense…](https://sms4smile.com/quotes/ludwig-von-mises/without-calculation-economic-activity-is-impossible-since-under/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [There is no kind of freedom and liberty other than the kind which the market economy brings about.](https://sms4smile.com/quotes/ludwig-von-mises/there-is-no-kind-of-freedom-and-liberty-other-than-the-kind-which-the/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Peace and not war is the father of all things.](https://sms4smile.com/quotes/ludwig-von-mises/peace-and-not-war-is-the-father-of-all-things/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [What counts alone is the innovator, the dissenter, the harbinger of things unheard of, the man who rejects the traditional standards and aims at…](https://sms4smile.com/quotes/ludwig-von-mises/what-counts-alone-is-the-innovator-the-dissenter-the-harbinger-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [In reality no food is valued solely for its nutritive power and no garment or house solely for the protection it affords against cold…](https://sms4smile.com/quotes/ludwig-von-mises/in-reality-no-food-is-valued-solely-for-its-nutritive-power-and-no/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [All this talk: the state should do this or that, ultimately means: the police should force consumers to behave otherwise than they would behave…](https://sms4smile.com/quotes/ludwig-von-mises/all-this-talk-the-state-should-do-this-or-that-ultimately-means-the/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social…](https://sms4smile.com/quotes/ludwig-von-mises/the-most-successful-businessmen-were-often-uneducated-when-measured/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Two hundred years ago, before the advent of capitalism, a man's social status was fixed from the beginning to the end of his life;…](https://sms4smile.com/quotes/ludwig-von-mises/two-hundred-years-ago-before-the-advent-of-capitalism-a-man-s-social/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Facts per se can neither prove nor refute anything. Everything is decided by the interpretation and explanation of the facts, by the ideas and…](https://sms4smile.com/quotes/ludwig-von-mises/facts-per-se-can-neither-prove-nor-refute-anything-everything-is/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/expansion/ludwig-von-mises/#itemlist", "name": "12 Expansion Quotes By Ludwig von Mises", "numberOfItems": 12, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The final outcome of the credit expansion is general impoverishment.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/the-final-outcome-of-the-credit-expansion-is-general-impoverishment/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png", "contentUrl": "https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png", "url": "https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png", "width": 1080, "height": 1080, "caption": "“The final outcome of the credit expansion is general impoverishment.” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Depression is the aftermath of credit expansion.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/depression-is-the-aftermath-of-credit-expansion/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/85f/ludwig-von-mises-364_aftermath_depression-is-the-aftermath-of-credit-ex_224770.png", "contentUrl": "https://sms4smile.com/quotes/i/85f/ludwig-von-mises-364_aftermath_depression-is-the-aftermath-of-credit-ex_224770.png", "url": "https://sms4smile.com/quotes/i/85f/ludwig-von-mises-364_aftermath_depression-is-the-aftermath-of-credit-ex_224770.png", "width": 1080, "height": 1080, "caption": "“Depression is the aftermath of credit expansion.” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Credit expansion can bring about a temporary boom. 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The credit expansion is built on the sands of banknotes and deposits. It must collapse.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/what-is-needed-for-a-sound-expansion-of-production-is-additional/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9b6/ludwig-von-mises-364_built_what-is-needed-for-a-sound-expansion-of_2796137.jpg", "contentUrl": "https://sms4smile.com/quotes/i/9b6/ludwig-von-mises-364_built_what-is-needed-for-a-sound-expansion-of_2796137.jpg", "url": "https://sms4smile.com/quotes/i/9b6/ludwig-von-mises-364_built_what-is-needed-for-a-sound-expansion-of_2796137.jpg", "width": 1080, "height": 1080, "caption": "“What is needed for a sound expansion of production is additional capital goods, not money or fiduciary…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/true-governments-can-reduce-the-rate-of-interest-in-the-short-run/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ae4/ludwig-von-mises-364_appearance_true-governments-can-reduce-the-rate-of_2351959.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ae4/ludwig-von-mises-364_appearance_true-governments-can-reduce-the-rate-of_2351959.jpg", "url": "https://sms4smile.com/quotes/i/ae4/ludwig-von-mises-364_appearance_true-governments-can-reduce-the-rate-of_2351959.jpg", "width": 1080, "height": 1080, "caption": "“True, governments can reduce the rate of interest in the short run. They can issue additional paper money…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/government-policies-try-to-prevent-the-emergence-of-serious/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/258/ludwig-von-mises-364_credit_government-policies-try-to-prevent-the-e_2756756.jpg", "contentUrl": "https://sms4smile.com/quotes/i/258/ludwig-von-mises-364_credit_government-policies-try-to-prevent-the-e_2756756.jpg", "url": "https://sms4smile.com/quotes/i/258/ludwig-von-mises-364_credit_government-policies-try-to-prevent-the-e_2756756.jpg", "width": 1080, "height": 1080, "caption": "“Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "Credit expansion is the governments' foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/credit-expansion-is-the-governments-foremost-tool-in-their-struggle/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/05b/ludwig-von-mises-364_abolish_credit-expansion-is-the-governments-fore_2422435.jpg", "contentUrl": "https://sms4smile.com/quotes/i/05b/ludwig-von-mises-364_abolish_credit-expansion-is-the-governments-fore_2422435.jpg", "url": "https://sms4smile.com/quotes/i/05b/ludwig-von-mises-364_abolish_credit-expansion-is-the-governments-fore_2422435.jpg", "width": 1080, "height": 1080, "caption": "“Credit expansion is the governments' foremost tool in their struggle against the market economy. In their…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/there-is-no-means-of-avoiding-the-final-collapse-of-a-boom-brought/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b87/ludwig-von-mises-364_abandonment_there-is-no-means-of-avoiding-the-final_168711.png", "contentUrl": "https://sms4smile.com/quotes/i/b87/ludwig-von-mises-364_abandonment_there-is-no-means-of-avoiding-the-final_168711.png", "url": "https://sms4smile.com/quotes/i/b87/ludwig-von-mises-364_abandonment_there-is-no-means-of-avoiding-the-final_168711.png", "width": 1080, "height": 1080, "caption": "“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Once public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/once-public-opinion-is-convinced-that-the-increase-in-the-quantity-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c31/ludwig-von-mises-364_boom_once-public-opinion-is-convinced-that-th_2032820.jpg", "contentUrl": "https://sms4smile.com/quotes/i/c31/ludwig-von-mises-364_boom_once-public-opinion-is-convinced-that-th_2032820.jpg", "url": "https://sms4smile.com/quotes/i/c31/ludwig-von-mises-364_boom_once-public-opinion-is-convinced-that-th_2032820.jpg", "width": 1080, "height": 1080, "caption": "“Once public opinion is convinced that the increase in the quantity of money will continue and never come to…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.", "creator": { "@type": "Person", "name": "Ludwig von Mises" }, "url": "https://sms4smile.com/quotes/ludwig-von-mises/one-day-because-they-realize-for-some-reason-or-other-that-they-must/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/5d9/ludwig-von-mises-364_bills_one-day-because-they-realize-for-some-re_741880.png", "contentUrl": "https://sms4smile.com/quotes/i/5d9/ludwig-von-mises-364_bills_one-day-because-they-realize-for-some-re_741880.png", "url": "https://sms4smile.com/quotes/i/5d9/ludwig-von-mises-364_bills_one-day-because-they-realize-for-some-re_741880.png", "width": 1080, "height": 1080, "caption": "“One day, because they realize for some reason or other that they must stop credit expansion, the banks do…” — Ludwig von Mises", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/expansion/ludwig-von-mises/#webpage", "url": "https://sms4smile.com/quotes/about/expansion/ludwig-von-mises/", "name": "Expansion Quotes by Ludwig von Mises", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/expansion/ludwig-von-mises/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/91d/ludwig-von-mises-364_credit_the-final-outcome-of-the-credit-expansio_1755437.png" }, "description": "12 Expansion quotes by Ludwig von Mises. 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