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 End of Overkill? Reassessing U.S. Nuclear Weapons Policy
Featuring Benjamin Friedman, Research Fellow in Defense and Homeland Security Policy, Cato Institute; Elbridge Colby, Center for Naval Analyses; Hans M. Kristensen, Director of the Nuclear Information Project, Federation of American Scientists; and Matt Fay, PhD Program, Temple University History Department; moderated by Christopher Preble, Vice President for Defense and Foreign Policy Studies, Cato Institute.
President Obama recently voiced his ambition to reduce the U.S. nuclear arsenal to as few as 1,000 deployed warheads. Yet while the United States has cut the arsenal’s size greatly since the Cold War’s end, its missions and composition have barely changed. Around 1,600 deployed nuclear weapons remain tied to a triad of systems — bombers, intercontinental ballistic missiles, and submarine-launched ballistic missiles — that are designed for preemptive strikes against enemy arsenals. Current plans call for modernizing all three systems, which could cost taxpayers over $100 billion. A new Cato White Paper — The End of Overkill? Reassessing U.S. Nuclear Weapons Policy — argues for getting rid of the triad by basing U.S. nuclear weapons exclusively on submarines. It explains how the triad came from bureaucratic compromises, not strategic necessity; punctures the myths that sustained it; and shows how its burden on taxpayers is increasingly unjustified.
Please join us for a discussion of these issues at a forum featuring the paper’s authors and two leading experts on U.S. nuclear policy.