Steve Forbes, chairman of Forbes Media and former presidential candidate, joined Boston Herald Radio's "Trending Now" yesterday to discuss his new book "Money" and the state of the American economy. Here are excerpts:
Q: How is this book going to help people?
A: It strips away all the confusing jargon of the high priests of the Federal Reserve and others in Washington. Money simply is a measure of value, the way, say, clocks measure time. Money makes it easy to do transactions ... but it must have a fixed value. Imagine what life would be like if we changed the number of minutes in an hour. It would be very confusing, but that's what they do with money. What we advocate in the book ... when we have unstable money you get the kind of crisis we have today. We should go to what we did for the first 180 years of our existence when we had the dollar linked to gold. If we had maintained the growth rates in the last 40 years, our economy today would be 50 percent larger than it is now.
Q: Why are they so resistant to doing this?
A: Because of the way they've been taught economics. It's also a power game. If they're not allowed to print money out of thin air, that means they have to exercise more restraint. They have to be more honest with people about the cost of things. If you're in politics, who wants that?
Q: You warn in your book that if we don't change we're heading for another economic disaster.
A: If they don't know what they're doing, it's like doctors in the days of old who would bleed patients. These folks today are guilty of economic malpractice and as a result, it's just a matter of time until they lurch into another crisis.
Q: Do you think things would have changed if Mitt Romney was president?
A: I think it would have been a very positive change. In 2016 we have a lot of exciting candidates who are going to come up with a lot of Reaganesque positive platforms to run on ... I think we're going to have a very healthy debate going in 2016, which will be good for the country and the world.
Q: Do you see yourself entering politics again?
A: My role now is that of an agitator. I'll get my exercise another way.
Listen to the complete interview at bostonherald.com.
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