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.
Congress specifically intended to allow companies to use the H-1B to quickly respond to labor market needs. There are actions, consistent with this intent, that would help American workers compete, but a recruitment rule simply is not one of them.
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.
McDonald v. Chicago: The Fourteenth Amendment and the Future of Gun Rights
Featuring Ilya Shapiro, Senior Fellow in Constitutional Studies, Cato Institute; Timothy Sandefur, Principal Attorney, Pacific Legal Foundation; and Clark Neily, Senior Attorney, Institute for Justice.
In 2008, the Supreme Court decided the landmark case of District of Columbia v. Heller, striking down D.C.’s draconian ban on handguns and finding, at last, that the Second Amendment protects an individual right to keep and bear arms. On March 2, in McDonald v. City of Chicago, the Court will hear oral arguments on whether that right applies to states and localities. The Court is expected to hold that it does: a key purpose of the Fourteenth Amendment, ratified at the height of Reconstruction in 1868, was to allow newly freed slaves and white Unionists to defend themselves against Southern reprisals by protecting their right to keep and bear arms. But will the Court reach that result via the Due Process Clause or the Privileges or Immunities Clause, which was specifically enacted to protect various individual rights, including particularly the right to armed self-defense? The answer is important as a practical matter—because it will help determine the future of gun rights in America—and also as a matter of constitutional law generally, because it could lead to the reinvigoration of a variety of important liberties that courts have long neglected. Please join legal scholars Ilya Shapiro, Timothy Sandefur, and Clark Neily—each of whom recently published articles on the Privileges or Immunities Clause—for a preview of the arguments before the Court, a discussion of the Fourteenth Amendment’s protection of the right to keep and bear arms, and reflections on other important developments that may flow from McDonald.