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.
The One-Drop Rule in Hawaii? The Akaka Bill and the Future of Race-Based Government
Featuring Jere Krischel, Grassroot Institute of Hawaii, Elaine Willman, Citizens Equal Rights Alliance, Andresen Blom, Research Institute for Hawaii, and Ilya Shapiro, Cato Institute.
The Native Hawaiian Government Reorganization Act—known as the “Akaka Bill”-would grant “native Hawaiians” federal recognition akin to that now enjoyed by Indian tribes. The bill creates a special authority that would exempt sufficiently ethnic Hawaiians from certain aspects of federal and state power. Having already passed the House and been reported out of Senate committee, the Akaka Bill is now due to be taken up by the full Senate. President Bush has promised a veto—citing the U.S. Civil Rights Commission’s conclusion that it “would discriminate on the basis of race … and further subdivide the American people into discrete subgroups accorded varying degrees of privilege.”
Are these sorts of measures simply a matter of long-delayed justice? Does the Akaka Bill satisfy constitutional guarantees of equal protection and due process? What kind of precedent would it establish for other ethnic groups? And what would be the economic effects on businesses and tourism in Hawaii? Please join us for a discussion of these and other political, economic, legal, and historical issues.