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 Human Cost of Welfare: How the System Hurts the People It’s Supposed to Help
Featuring the authors Phil Harvey, Chief Sponsor, DKT Liberty Project; and Lisa Conyers, Director of Policy Studies, DKT Liberty Project; moderated by Michael Tanner, Senior Fellow, Cato Institute.
Every year, federal, state, and local governments spend nearly $1 trillion to fight poverty, yet millions of Americans remain trapped in poverty with little hope for the future. Could the welfare system itself be part of the problem? Phil Harvey and Lisa Conyers make the case that our current welfare system has failed the poor, hurting the very people it is supposed to help. They suggest that good intentions are not enough and that if we truly want to reduce poverty, we need to understand the limits of government and radically reform our approach to welfare.