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.
Constitutional Money: A Review of the Supreme Court’s Monetary Decisions
Featuring the author Richard H. Timberlake, Jr., Professor Emeritus of Economics, University of Georgia; with comments by Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University, and Senior Fellow, Cato Institute; and George A. Selgin, Professor of Economics, University of Georgia, and Senior Fellow, Cato Institute; moderated by James A. Dorn, Editor, Cato Journal, and Vice President for Academic Affairs, Cato Institute.
This book reviews nine Supreme Court cases and decisions that dealt with monetary laws, together with a summary history of monetary events and policies — notably, the gold standard and the Federal Reserve System — as they were affected by the Court’s decisions. Several cases and decisions had notable consequences for the monetary history of the United States, and some were blatant misjudgements stimulated by political pressures. The cases included in this book begin with McCulloch v. Maryland (1819) and end with the Gold Clause Cases (1934–35). Those decisions remain in force today. The final chapter describes the adjustments necessary to return to a gold standard and briefly examines other monetary arrangements that would be consistent with the Framers’ Constitution.