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Pillars of Prosperity: Free Markets, Honest Money, Private Property

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PILLARS OF PROSPERITY
by Dr. Ron Paul

I am very happy to review the latest book from Texas congressman Ron Paul. His last book, A Foreign Policy of Freedom, consisted of speeches regarding U.S. interventions from the 1970s to the present day. Similarly, this title collects a career's worth of writings on economics, monetary policy and trade. Economics might not sound like a very exciting topic but Dr. Paul has said many times that his interest in politics really started after he read The Road to Serfdom, which is about the dangers of a controlled economy. This book is published by the Mises Institute, whose founder Lew Rockwell provides a brief forward.

This book is quite extensive and has nine chapters. The first two are more about principles are less about the "nuts and bolts". In the first chapter, Dr. Paul connects capitalism with individual freedom. Government intervention into the economy diminishes our freedom in that it not only leaves us with less money to spend as we choose, but that it also funds policies which are often against the interests of the individual. I believe that chapter two is a direct reprint of an earlier book 'Mises and Austrian economics: A personal view', which is a straightforward explanation of the Austrian School and how Dr. Paul came to identify with Ludwig von Mises. Although economics can be difficult, I did not have any trouble making my way through these explanations. These sections prepare you for the rest of the book, which has more to do with specific policies.

Chapter Three is exclusively dedicated to Social Security. This is the shortest chapter, but it contains a few ideas on how to repair the social security system.

Chapter four is about taxes, or more specifically tax burdens. Dr. Paul has been a longtime supporter of the idea that the IRS should be abolished. It is for this reason that he also supports the 'Liberty Amendment' - an important totem of the "Old Right" that seeks to return the country to true Constitutional law and repeal the sixteenth amendment. The speeches in this section are not that radical however and simply show many of the confusing and frustrating ways that taxes affect us all. But it isn't all complaining, we also hear some good solutions such as the 'Family Health Tax Cut Act' which would provide much needed tax credits to parents who pay for their children's health care expenses. Previously, Dr. Paul contributed to populist lawyer Michael Minns' book How to Survive the IRS.

Next we have a king-size chapter on "sound money", Dr. Paul's signature economic issue. You will notice that the writings in this section go back to the mid-1970s. If you've never heard terms like "fiat money" or "inflation tax" then this chapter is a great starting place. What he advocates here is currency that has a real redeemable value attached to gold. What has happened is that the U.S. dollar's connection to gold has been severed, and now the controversial Federal Reserve is enabled to print money as it sees fit, even as the value of the dollar is in free fall while the value of gold remains stable. This is truly a subject which Dr. Paul is an expert on, and something he has cared about for a long time. For further reading on the subject, check out The Case for Gold.

The next two chapters are on international issues. Chapter six takes on the controversial neoliberal trade agreements such as NAFTA and GATT. Are they really "free trade" or do they amount to an internationalist form of "managed trade"? Most importantly, should free market advocates support them? What's more, many of these agreements set up new agencies who are not elected by U.S. citizens and operate outside of Constitutional law. There is also a great speech on corporate welfare which Dr. Paul is also against. I would especially recommend this chapter to any left-leaning or producerist readers who are critical of corporate dealings at the expense of the little guy. After that, we get a chapter on the U.S.'s relationships with different countries such as China, Columbia, Mexico and Syria and whether our participation in the IMF, World Trade Organization and the United Nations is worthwhile at all. The issue of whether economic sanctions (such as those recently enacted against Iran) are effective is also addressed.

Next, there is a short chapter on the Housing market which has been all over the news lately (Dr. Paul ties the crisis to the Federal Reserve). After that is the mammoth ninth chapter - "Spending, Taxes and Regulations". Here you will find several bills that Dr. Paul has opposed due to their unconstitutional nature. Sometimes he rejects the bills due to excess spending or unnecessary regulation. In other cases he opposes them on the grounds that they compromise the Bill of Rights (check out his speech on the Financial Anti-Terrorism Act, only a month after September 11 when the most of congress would sign off on all things 'anti-terror'). It is in this chapter that you can also read about the non-scandalous "medals controversy". Congress was voting to give Medals of Honor to Mother Theresa, Rosa Parks and Ronald Reagan, but would pay for the medals with taxpayer money. Ron Paul saw the flaw here and offered to donate $100 of his own dollars and challenged other congressional representatives to do the same so that the money would truly come from Congress and not from the taxpayers. Needless to say, there weren't many takers! As Dr. Paul points out: "It is very easy to be generous with other people's money". (pg. 411)

Dr. Paul has some powerful ideas and a lot of people try to use his government-cutting against him. Many Republicans yak and yak about cutting spending but shell out millions to their corporate buddies (socialism for the rich). They offer up a flat tax or a "fair tax" because they are either dishonest or do not understand the real issue. Is it extreme to cut the IRS, to withdraw from international trade agreements, or to abolish the Federal Reserve? Is it extreme to dislike the fact that your tax dollars are funding all kinds of operations that you may be morally opposed to? Is it extreme to believe that your money really is YOUR money? The founders didn't think so!

FREE AT LAST 2008

Not only has Dr. Ron Paul updated F.A. Hayak's The Road to Serfdom and applied it to the modern age - he has done so in an honest effort to safe the United States from ruination. As shown within these pages with some of his showdowns with Greenspan and Congress and many of with his speeches Dr. Ron Paul cares greatly about defending the freedoms that are little by little being taken from us Americans right before our very eyes.

Like his other books - this is a must have for any library - nearly 500 pages. Economics 101.

And this book shows once again why I will be voting for Dr. Ron Paul for Presidency - even if I have to write in his name.

Understanding Apples

Gathering Leaves: Understanding Apples Book Two

I absolutely love this book. His views of the economy are dead on but unfortunately I don't see a scenario where his policies and views will ever be taken completely seriously. The current economic policy of the US will eventually cause an economic collapse. The people who benefit most from currency debasement know this and are positioning their assets accordingly while still hyping the US dollar which is destined to fail under current policy. I just hope the publisher doesn't print too many copies of the book out of thin air and debase my book!

Finally, a man I would love to see as the president of the United States - the world would certainly be a more safer, peaceful, wealthy, prosperous and free! I would also be very glad if my country (Portugal) would take him as prime-minister!

Ron Paul is a strong constitutionalist and advocate for the free market, individual liberty, sound money, small government and small taxation. How the US Founding Fathers would feel ashamed today to observe what the government has become and how the constitution has been systematically violated and corrupted.

It's quite remarkable to see how Ron Paul has managed to stay so consistent, so perseverant, so determined to stand for the ideals of freedom against all the deficitary, inflationary, big spending, big meddling, highly interventionist, highly corrupt, highly corporatism form of US government.

The only downside of the book is that it's rather long, and it repeats itself several times (a proof of consistency :)).

I read this book as a participant of [...]

The message that resounds throughout this collection of speeches is that the federal government of the United States ought not to intervene in true free market capitalism. It was a very consistent book. A key theme of this book is how the Federal Reserve supports the federal government's deficit spending by printing more and more money (backed by nothing but the threat of nuclear annihilation [that's what I say, not Ron Paul]), which is, by definition, INFLATION. This has been the way out of many a financial crisis, as is cited in the book. When more and more "dollars" are chasing the same amount of consumer goods (like bread, gasoline, or any number of commodities) PRICE inflation occurs. Inflation is a hidden tax, which hurts mostly the middle class, and decimates those already having trouble making ends meet.

There were a few words that sent me to the dictionary to gain a clearer understanding. Words like fungibilty (p. 425), profligate, and sop (p. 443). So not only did it underscore my understanding of the way a free market (if allowed to) will operate, it illustrated the unintended consequences of government intervention in the marketplace.

In general I found this book easy to understand, except for in Part 7: International Affairs, in a speech entitled "Reaffirming Committment of United States to Principles of the Marshall Plan." That left me scratching my head. But maybe I shouldn't read this stuff so late at night.

In summation: A bit long, excellent content, big words make you smart.

I'm relatively new to politics, and the 2008 election sparked my interest. Sadly, I did not support Ron Paul during this election. It was because I was naive, but more importantly, because I did not understand Ron Paul's positions. I have since wised up, and I sure hope he runs again.

The recent financial crisis flung me into many articles and books that I otherwise would not have read. As is obvious, the Austrian view is the only one that explains the 2008 financial crisis, let alone makes any sense. I starting reading articles on LRC, Mises and books such as Meltdown and Economics in One Lesson. After learning the truth about the Federal Reserve, I opted to read my first Ron Paul book: End the Fed. It was a brilliant and concise argument for sound money. I had never heard of free market money or the values of commodity-based money. Truth tends to ring true, but why didn't I learn these things earlier? Why didn't my own school at least MENTION this free-market view of money? Why, with all the attention I paid to the '08 campaign, did I not know more about Ron Paul's history and positions? I dug deeper. I then read The Revolution: A Manifesto. Admittedly, there were some facts I was hesitant to accept, mostly regarding foreign policy. It took a bit longer, but Ron Paul has fully convinced me.

This book contains statements and positions of Ron Paul's since the late 1970's. It's stunning that a "politician" is so consistent and principled. Especially in light of what all of these government interventions of done to country and economy, it's amazing to see how RIGHT Ron Paul has been for so long. He's warned us for decades about what would happen and nobody seems to listen. This book will convince you more then ever that peace and prosperity come through liberty. I was shocked at how prescient Ron Paul has been, whether it's on the economy, our welfare state, or our warfare state.

Read this book if you want to know the truth about Ron Paul's positions... straight from the source. Read this book if you want to understand why America is in the mess it's in. Read this book if you care about freedom and prosperity. It's quite exciting what Ron Paul has done for the liberty movement, and I can't wait to see this movement to continue to grow stronger.

"I decided to run for Congress because of the disaster of wage and price controls imposed by the Nixon administration in 1971. When the stock market responded euphorically to the imposition of these controls and the closing of the gold window, and the U.S. Chamber of Commerce and many other big business groups gave enthusiastic support, I decided that someone in politics had to condemn the controls, and offer the alternative that could explain the past and give hope for the future: the Austrian economists' defense of the free market. At the time I was convinced, like Ludwig von Mises, that no one could succeed in politics without serving the special interests of some politically powerful pressure group.

Although I was eventually elected, in terms of a conventional political career with real Washington impact, he was absolutely right. I have not developed legislative influence with the leader- ship of the Congress or the administration. Monies are deliberately deleted from routine water works bills for my district because I do not condone the system, nor vote for any of the appropriations.
My influence, such as it is, comes only by educating others about the rightness of the free market.


The 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 quopoint 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 real?
Will it be long-lasting?
What is the cost in economic terms?
Have we sacrificed our liberties for government security?
Have we undermined the very system that has allowed productive effort to provide a high standard of living for so many?
Has this system in recent years excluded some from the benefits that Wall Street and others have enjoyed?
Has it led to needless and dangerous U.S. intervention overseas and reated problems that we are not yet fully aware of?
Is it morally permissible in a country that professes to respect individual liberty to routinely give handouts to the poor, and provide benefits to the privileged and rich by stealing the fruits of labor from hard-working Americans?

As we move into the next Congress, some worry that gridlock will make it impossible to get needed legislation passed. This seems highly unlikely. If big government supporters found ways to enlarge the government in the past, the current evenly split Congress will hardly impede this trend and may even accelerate it. With a recession on the horizon, both sides will be more eager than ever to cooperate on expanding federal spending to stimulate the economy, whether the fictitious budget surplus shrinks or not."

Ron Paul Quoted from Pillars of Prosperity

If you liked this book you will like:
The Revolution: A Manifesto
Human Action: A Treatise on Economics
The Prince (AD Classic)

1. States are required by federal law to provide education and medical care for illegal immigrants.

2. Illegal immigrants are counts in the census

3. In 2005, the US accountability Office found 3 percent of 30,000 individuals called for jury duty from voter registration rolls in one US district court were not US citizens. The Census Bureau estimates there are over a million illegal aliens in Florida. The US Department of Justice has prosecuted more non citizen voting cases in Florida than any other state.

4. US citizenship is required to vote in federal , state, and local elections by law. The US has between 8 to 12 million illegal aliens and there is no way to ensure they do not register and vote in elections.

5. In a Mayor's race in Compton, California, aliens testified under oath in court they voted in the election.

6. Many aliens believe the potential benefit for registering far outweighs the chances of being caught and prosecuted.

7. Voter registration are routinely issued without checking of identification (drivers license, qualifying for a job).

8. The Immigration Reform and Control act of 1986 requires employers to verify that all new hired employees verify identity and legal authorization to work in the United States.

9. In 1984, illegal immigrants register to vote cards to obtain document identifying them as US citizens.

10. The federal privacy act and Immigration and nationality act protects the privacy of new immigrants. In 1988, Fulton County, Georgia, the Board of Registration and Elections wanted to check the immigration status of 775 registered voters but was denied because of "federal privacy act" concern.

11. In 1997, the INS refused to cooperate with the FBI in a investigation of voting by non-citizens. INS did not want to open a "pandoras box"

12. Borders between nations should be open and private property rights to prevent newcomers from entering controlled by the owners, to prevent entry without permission.

13. A free and prosperous economy always looks for labor.

14. Many illegal immigrate come for survival reasons.

15. Ron Pauls suggestions for improving immigration problems: Abolish the welfare state to keep real wages high; Make it legal and easy with a generous visitor work program; permit states to enforce border laws; allow landowners to provide private property security assistance; do not grant automatic citizenship to children of illegal immigrants; stop all federal mandates on states to provide free education and medical care for illegal immigrates; stop the drug war and treat all drugs like cigarettes and alcohol letting the customer beware; the police should not be prohibit from determining citizenship if the person is caught participating in a crime.

16. Maximum freedom for everyone is the best way to solve problems

17. If we are an empire is our Republican form of government salvageable? Will the US empire collapse as rapidly as the British Empire. In Fergusen's book, he outlines debt buildup as the forces resulting in the rapid breakup of the British Empire. Ron Paul said, "those who consider themselves to be opponents of big government and yet have an uncritical attitude toward militarism and war are either fooling themselves or haven't thought enough about the problem", "the notion that we can cut government and maintain the empire is preposterous". US troops are in 135 countries and have more than 900 bases. When empires become rich by inflation then people become dependent, morality decays, consumers spending becomes excessive, and entertainment rules supreme; but liberty is lost. Empires require the support of the people. The real wealth of the middle class declines in an empire.

18. The constitution was written with the intent to protect the independence of each state by establishing a limited relationship with the federal government. Under the tenth amendment state retain all powers not explicitly delegated to the federal government by the Constitution. Congress may never extend beyond its enumerated powers.

19. Welfare will disappear before the military disassembles.

20. Ron Paul said, "The people for too long have been complacent and overly tolerant of government abuse because our wealth seemed to be guaranteed and government benefits became more desired than independence and liberty", "No, with the enlightenment gained from the financial crisis, the people are making up for their complacency"

21. Ron Paul wants America to withdraw from WTO, NAFTA, CAFTA, and the UN stating congressional authority over foreign commerce has transferred to the executive branch. "The office of President negotiates with groups of other countries the details of how to lower tariffs or gives permission to retaliate against another member for unfair trade practices." The Senate should ratify all treaties created by the executive branch. Congress should the responsibility for foreign commerce. The President should not regulate foreign trade by treaty.

22. Business and labor should not be a special benefit from Government. Artificial subsidies allow military-industrial complex to turn a huge profit, it provides unions to maximize wages

This is another great read in a series of Ron Paul releases. He really knows how to put things into perspective and open your mind to reality. A must read for everyone

Awesome book based on the principles and values of our founding fathers and the free market. I highly recommend every american to read and gain a better understanding of what this country should be and what has happened to it as our politicians and special interests have slowly eroded our liberty and standard of living.
A must read especially during these historical times.