This is the Cato Daily Podcast for Tuesday, June 24, 2014.

I'm Caleb Brown.

The return to a stable dollar may be a difficult task, but it's essential for re-establishing it as a trustworthy unit of account and measure of wealth.

Steve Forbes, editor-in-chief of Forbes media, is co-author of the new book Money,

how the destruction of the dollar Threatens the Global Economy, and

what we can do about it. We spoke last week. You talk about stability a lot in

this book, and I think it's clear that the instability of the US dollar has done a lot of harm

It's fueled a lot of government spending

Fueled a lot of militarism even consumer spending so what do you tell people who look at the situation

where we are now with the US dollar and they say look it's still the reserve

currency of the world we don't need to worry about this.

That seems to be the prevailing attitude.

Well, you can go through what you've accumulated in the past, you can rely on the past, and

before you collapse.

It took Rome several centuries to undo what the previous

generations have done there and one of the purposes of the book was to make the

point that even if you get it right on spending on taxes on regulation

you don't get it right on the money everything else is undermined and one of the

things that's happened in the last 40 years is that U.S. growth

rates are less than they were historically. If we'd maintain historic growth rates,

U.S. economy today would be 50% larger. You wouldn't necessarily need two incomes to do

what one income did in previous generations. And you wouldn't have the massive growth of government.

...