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 John Goodman, President, National Center for Policy Analysis; and Laurence J. Kotlikoff, Professor of Economics, Boston University, and Senior Fellow, National Center for Policy Analysis. With comments by
William Poole, Senior Fellow, Cato Institute, and Former President, Federal Reserve Bank of St. Louis. Moderated by
William A. Niskanen, Chairman Emeritus and Distinguished Senior Economist, Cato Institute.
The Obama administration is expected to propose a comprehensive reform of the American financial system some time in June. Goodman and Kotlikoff find the administration’s financial strategy — fighting each financial fire one by one and rebuilding the old system pretty much as it was — deeply misguided. It treats the symptoms, not the disease, and will leave us financially and fiscally weaker. It is more important to offer a solution based on a simple principle: no one should be able to gamble with other people’s money, including the taxpayers’ money, without their consent.