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.
Featuring Rep. Ron Paul (R-TX); with comments by Gilbert Schwartz, Partner, Schwartz & Ballen LLP, Former Associate General Counsel, Federal Reserve; and
Bert Ely, President, Ely & Company, Inc. Moderated by Mark Calabria Director, Financial Regulation Studies, Cato Institute.
The recent financial crisis has led to a massive expansion of government involvement in our capital markets. Foremost among those interventions has been the almost tripling of the Federal Reserve’s balance sheet, from just over $800 billion before the crisis to almost $2.3 trillion now. Even more astounding is that the increase, with its massive exposure of loss to the American taxpayer, has been conducted with almost no oversight from Congress. Rep. Ron Paul has long led efforts to bring greater transparency and accountability to the workings of government. Join us for a discussion on increasing the public transparency of the Federal Reserve.