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.
McCain and Obama: Comparing Their Economic Platforms
Featuring Sallie James, Center for Trade Policy Studies, Cato Institute, Dan Mitchell, Cato Institute, and Christian Weller, Center for American Progress.
After an extended primary season, the 2008 presidential campaign is finally under way and the candidates are presenting—at least in some areas—starkly different economic policy proposals. Sen. John McCain is a career-long free trader, consistently voting against trade barriers and subsidies. Sen. Barack Obama, although possessing a shorter voting record, puts greater restrictions on his support for free trade and favors a time-out on new trade agreements and extensive review—and possible renegotiation—of existing ones. On fiscal policy, Sen. McCain wants lower taxes while Sen. Obama proposes to shift the tax burden to wealthier Americans. According to the National Taxpayers Union, Sen. McCain has endorsed $68 billion of additional government spending per year and Sen. Obama has called for nearly $344 billion of bigger government. How would these policies strengthen the U.S. economy or damage it? If Obama is elected, would Congress simply rubber-stamp his proposals? If McCain wins, would Congress approve his agenda? Please join us as our panel discusses the McCain and Obama tax, spending, and trade plans.