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.
Iran’s Nuclear Program: The Costs and Benefits of America’s Policy Options
Featuring: Ted Galen Carpenter, Vice President for Foreign Policy and Defense Studies, Cato Institute, Author of “Iran’s Nuclear Program: America’s Policy Options”; and Justin Logan, Foreign policy analyst, Cato Institute, Author of “The Bottom Line on Iran: The Costs and Benefits of Preventive War versus Deterrence.”
As Iran continues to develop its nuclear program, America is confronted with a difficult set of policy options. Ted Galen Carpenter will outline those options, which include urging the UN Security Council to impose stronger sanctions, attempting to undermine the clerical regime, and seeking a diplomatic “grand bargain.” Which policy holds the best prospect of advancing American interests? Then, Justin Logan will assess the options available in the event that any proactive policy should fail: either preventive war or deterrence. Which of those undesirable policies would yield the “least bad” result for the United States?