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.
Featuring Benn Steil, Co-author and Director of International Economics, Council on Foreign Relations; and Manuel Hinds, Co-author and Former Finance Minister of El Salvador. Moderated by
Ian Vásquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
The current state of international economic relations is unusual and precarious. Benn Steil and Manuel Hinds will explain how protectionism has historically coincided with monetary nationalism, whereas eras of liberal trade have been accompanied by a universal monetary standard. But the situation today is prone to crisis, because an unprecedentedly liberal global trade regime exists alongside monetary nationalism of an extreme kind. According to the authors, national monies and globalization don’t mix. “If anything is likely to throw globalization into reverse, it is not trade itself, but the money that facilitates it.” Please join us to hear their prescient analysis and their views on the future of the dollar and the emergence of a global monetary standard.