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.
Iran’s Nuclear Program: Isolation, Engagement, or Acceptance?
Featuring Peter Brookes, Heritage Foundation; Joseph Cirincione,
Carnegie Endowment for International Peace; and Ted Galen Carpenter,
Cato Institute. Moderated by Charles V. Peña, Cato Institute.
Iran appears to be playing a cat-and-mouse game with the International Atomic Energy Agency, claiming that its nuclear program is for peaceful civilian purposes. Yet the Iranians are proceeding to enrich uranium that could then be used to build nuclear weapons. Undersecretary of State John Bolton advocates isolating Tehran and has stated that the United States will not “allow America’s national security to be dependent on the good faith of a group of fanatic mullahs seeking nuclear weapons.” Some presidential rhetoric is eerily similar to language used very early in the run-up to the Iraq war. The Israelis have made it clear that they will never permit Iran to become a nuclear power and are reported to be buying 500 bunker-buster bombs from the United States. Is preemptive military action against Iran inevitable? What are the consequences of such action? Is engagement with Iran to create a nonproliferation regime a viable option? Are isolation and engagement the only policy choices? Is it possible for the United States to come to terms with a nuclear-armed Iran?