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 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
The China Factor: Persuading Beijing to Get Tough with North Korea
Featuring Ted Galen Carpenter, Vice President for Defense and Foreign Policy Studies, Cato Institute; and Doug Bandow, Senior Fellow, Cato Institute.
Although North Korea has recently made some minor conciliatory gestures, there is little indication that Pyongyang intends to give up its destabilizing nuclear and missile programs. What can be done? War is not an acceptable option, increased sanctions seem unlikely to work, and so far diplomacy has proved ineffective. Does working in closer cooperation with China offer a better option? Beijing has the most clout in Pyongyang, but remains unwilling to use its influence. Could U.S. policymakers persuade China to take a more active role, perhaps even working to oust the murderous regime of Kim Jong-il? What arguments would be most compelling for Beijing and what incentives might Washington offer to win China’s cooperation?