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.
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Liberty for Latin America: How to Undo Five Hundred Years of State Oppression
Featuring the author Alvaro Vargas Llosa, with comments by Michael Shifter,
Inter-American Dialogue, and moderated by
Ian Vásquez, Cato Institute.
Latin America was supposed to have ushered in a new era of prosperity with market reforms in the 1990s. Instead, the region saw low growth, financial crises, political instability, and the spectacular
economic collapse of Argentina. What went wrong? Peruvian journalist Alvaro Vargas Llosa will explain that the region’s disappointing performance
is part of a long historical pattern in which reforms of the left and right have typically failed. State oppression has been a constant since at least the Spanish conquest, and it continues to preempt good policies and undermine the efforts of Latin Americans to lift themselves out of poverty. Vargas Llosa will suggest a way out for Latin America, and Michael Shifter will comment on the book’s relevance to the region’s current condition.