Unconventional monetary policy—characterized by “zero interest rate policy” (ZIRP) and “quantitative easing” (QE), along with macro-prudential regulation—has increased the power of central banks in the United States, Japan, and Europe. In the new issue of Cato Journal, contributors revisit the thinking behind unconventional monetary policy and the “new monetary framework,” make the case for transparent monetary rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
When the Danish newspaper Jyllands-Posten published the cartoons of the prophet Muhammad in 2005, Denmark found itself at the center of a global battle about the freedom of speech. The paper’s culture editor, Flemming Rose, defended the decision to print the 12 drawings, and he quickly came to play a central part in the debate about the limitations to freedom of speech in the 21st century. In The Tyranny of Silence, Flemming Rose provides a personal account of an event that has shaped the debate about what it means to be a citizen in a democracy and how to coexist in a world that is increasingly multicultural, multireligious, and multiethnic.
The Cato Institute has released its 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
Atomic Obsession: Nuclear Alarmism from Hiroshima to Al Qaeda
Featuring the author, John Mueller, Woody Hayes Chair of National Security Studies, Ohio State University; Michael Krepon, Co-Founder, Henry L. Stimson Center; and Jeffrey G. Lewis, Director, Nuclear Strategy and Nonproliferation Initiative, New America Foundation. Moderated by Justin Logan, Associate Director of Foreign Policy Studies, Cato Institute.
Having informed readers in previous books that their fears of war and terrorism are overblown, iconoclastic political scientist John Mueller has set his sights on nuclear weapons. For Mueller, nuclear weapons have never represented much of a threat given states’ fundamental unwillingness to use them. Moreover, our current worries about terrorists obtaining such weapons are essentially baseless. As Mueller points out, there is a multitude of reasons why terrorists will not be able to obtain nuclear weapons, much less build them themselves and successfully transport them to targets. Atomic Obsession concludes with a judgment that our efforts to prevent the spread of WMDs have produced much more suffering and violence than would have been the case if we took a more realistic view of such weapons.
Please join us for a discussion of this provocative new book.