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.
Hard News: The Scandals at The New York Times and Their Meaning for American Media
Featuring the author, Seth Mnookin,; with comments by Jack Shafer, Editor at large, Slate.
Former Newsweek media reporter Seth Mnookin tells the inside story of how former New York Times editor Howell Raines fell from his perch at the top of the media establishment. With unprecedented access to the reporters who conducted the internal investigation, top newsroom executives, and dozens of Times editors, Mnookin exposes the story behind the biggest journalistic scam of our era, and he explains its profound implications for the rapidly changing world of American journalism. Mnookin also puts the current struggles at the Times into the context of this new world of journalism, which includes increased expectations by readers that their chosen news outlets will have a political perspective in both their editorial and news sections. Jack Shafer, author of Slate’s Press Box column, will comment.