This holiday season you can give the gift of promoting liberty by supporting the Cato Daily Podcast on behalf of a friend or family member.

If you give $500 on behalf of that friend or loved one, we'll send a replica 1776 continental dollar and a signed

copy of David Bose's up-to-date statement on Libertarianism, The Libertarian Mind.

We don't take money from the government and the vast majority of Cato's

support comes from individuals like you. Give the gift of liberty this holiday

season and visit Cato.org slash podcast sponsor to learn more that's Kato.org slash podcast

sponsor. This is the Kato Daily Podcast for Monday, December 4th, 2017. I'm Caleb Brown.

With more nuclear weapons testing, North Korea says it is quickly approaching the point at which it could hit most or all of the United States with an ICBM. In one sense, we've been here before,

with the Soviet Union and China. In another sense, this is very new and very troubling.

Cato Institute Senior Fellow Doug Bandau discusses where we are now.

To what extent does North Korea's missile test, they announce that they have completed their

nuclear program.

What difference does that make?

Well, in practice it makes not much difference.

What they've shown is they continue to make progress, and we can expect they are going to at some

point have an intercontinental ballistic missile capable of targeting American

cities. They aren't there yet but it shows that we're going to face that at some point.

And what they said might indicate they're in a position now where they're willing to talk

on the theory that they're claiming to have finished their deterrent and now that they feel comfortable,

we don't know, but we certainly should explore that.

All right, so where are we hearing the, I guess, least grounded talk about the threat that

North Korea poses right now?

...