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.
Foreign Aid and the Weakening of Democratic Accountability in Uganda
Featuring Andrew Mwenda,
Political Editor, Daily Monitor (Kampala, Uganda), with comments by
Mauro De Lorenzo, Resident Fellow, American Enterprise Institute.
The international aid lobby claims that increased foreign aid will help to solve Africa’s problems. But, as the case of Uganda shows, foreign aid can exacerbate those problems. Foreign aid, Andrew Mwenda writes in a recent Cato study, has provided the Ugandan government with an independent source of revenue that has allowed it to remain unaccountable to Uganda’s citizens. Moreover, aid has enabled the government to pay its bills without having to undertake further necessary economic reforms. The government has wasted much of the aid money on military equipment and political patronage. To promote democracy and accountability, the West should discontinue future aid flows to Uganda.