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.
Featuring the author, Rajan Menon, Monroe J. Rathbone Professor of International Relations, Lehigh University; with comments by Michael Mandelbaum, Christian A. Herter Professor of American Foreign Policy, Johns Hopkins School of Advanced International Studies; and Doug Bandow, Vice President of Policy, Citizens Outreach.
America’s Cold War alliances are slowly dissolving, explains Rajan Menon in The End of Alliances. The United States faces new challenges, and many of our European and Asian alliances have grown irrelevant. The United States will, and must, be actively involved beyond its borders – by relying on coalitions and contingent alignments whose membership will vary depending on the issue at hand. This shift from permanent to ad hoc security relationships will force our traditional allies to rethink their choices and create new patterns in global politics. Please join Professor Menon and a panel of distinguished commentators for a discussion of this important work that challenges the conventional wisdom on U.S. foreign policy.