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 María Corina Machado, President, Súmate. Moderated by Ian Vásquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
Venezuelan President Hugo Chávez has used the trappings of democracy to consolidate authoritarian rule and obscure violations of due process, civil liberties, and other human rights. Defenders of the regime overlook those abuses, citing the government’s extensive programs to help the poor. Yet, María Corina Machado will explain that after having received more than $800 billion in oil and non-oil revenue during his 10 years in power, Chávez’s social policies have little to show for themselves. Most indicators show that poor peoples’ standard of living has worsened or has fallen far short of improvements that would be consistent with the economic boom that has accompanied Chávez’s rule. Other indicators—including those related to corruption, crime, and governance—show a clear deterioration. Join us to hear the president of one of Venezuela’s leading pro-democracy NGOs describe the real effects of populism on the poor.