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[...]... needs of people made dependent by a defective political system of government intervention while perpetuating their own power Anything that can help the people to avoid facing the reality of the shortcomings of the welfare/warfare state is welcomed Thus our system is destined to perpetuate itself until the immutable laws of 14 Pillars of Prosperity economics bring it to a halt at the expense of liberty... voluntary agreements between two parties must be strictly prohibited Enforcement of those contracts in event of a violation invites the government’s participation in settlement of the dispute This limited involvement of government in voluntary contracts is necessary in a free society 8 Pillars of Prosperity The strict limitation of government power imposed by the Constitution must be respected We must accept... effort needed to 6 Pillars of Prosperity produce them (while demanding that politicians deliver the loot) guarantees the process will continue But a penalty will have to be paid That penalty—a major banking, currency, economic, and political crisis—will hit this nation and the western world, most likely before the 19 90s The economic hardship, of which we had a taste in 19 81 and 19 82, will be much worse... will be transferred to the 10 Pillars of Prosperity poor, the rich, the foreigner, the bankers, or arms manufacturers Military spending will once again be used for defense and not for the domination of an unofficial American empire Money will be honest, the unit precisely defined, and its integrity guaranteed by government or by voluntary contracts Counterfeiting privileges of the Fed will be abolished... A Current Assessment of Our Republic Congressional Record—U.S House of Representatives February 7, 20 01 The beginning of the 21st century lends itself to a reassessment of our history and gives us an opportunity to redirect our country’s future course if deemed prudent 12 Pillars of Prosperity The main question before the new Congress and the administration is: Are we to have gridlock or cooperation?... though, remains: Is there really anything new being offered? The demand for bipartisanship is nothing more than a continuation of the Third Way movement of the last several decades The effort always is to soften the image of the authoritarians who see a need to run the economy and regulate people’s lives, while pretending not to give up any of the advantages of the free market or the supposed benefits that... taxes Now in the division of labor in the battle of ideas, is there a place for someone in the U.S Congress?! I have to admit I wouldn’t have thought so had you asked me five years ago But even the purest of libertarians can’t deny that the Ron Paul movement is exciting, and is bringing the message of liberty to people who otherwise wouldn’t have heard it xi xii Pillars of Prosperity The present collection... contentious differences when in office are easily put aside to lobby their respected party Members Essentially no philosophic difference of The Economics of a Free Society 15 importance exists—it’s only a matter of degree and favors sought, since both parties must be won over The differences they might have had while they were voting Members of Congress existed only for the purpose of appealing to their different... and misses the point As long as government has so much to offer, public officials will be tempted to accept the generous offers of support from special interests Those who can benefit have too much at stake not to be in the business of influencing government Eliminating the power of government to pass out favors is the only real solution Short of that, the only other reasonable solution must come by... bipartisanship of the last 50 years has allowed our government to gain control over half of the income of most Americans Being enslaved half the time is hardly a good compromise But supporters of the political status quo point out that, in spite of the loss of personal freedom, the country continues to thrive in many ways But there are some serious questions that we as a people must answer: Is this prosperity . 2007 xviii Pillars of Prosperity The Economics of a Free Society These selections lay out my views of the proper role of government, namely that it should serve only to protect the life and property of. . . . . . . 14 7 Conduct of Monetary Policy, July 22, 19 97. . . . . . . . . . . . . . . 16 7 East Asian Economic Conditions . . . . . . . . . . . . . . . . . . . . . . . 17 5 Conduct of Monetary. that impact the rest of society. Instead, officials speak vagaries about leading the country into the future and meeting xvi Pillars of Prosperity human needs because this sort of language empowers