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 REAL ID Act: Unfixed by the Regs and Unworkable on any Time Frame
Featuring: Jim Harper, Director of Information Policy Studies, Cato Institute; Tim Sparapani, Legislative Counsel, American Civil Liberties Union; and David Williams, Vice President of Policy, Citizens Against Government Waste.
The REAL ID Act was rushed through Congress as an attachment to a military spending bill in 2005, without any hearings. Under the law, states are supposed to issue federally standardized driver’s licenses and make databases of driver information accessible nationwide by May 2008. DHS recently issued regulations that punted on the most difficult problems, delayed the compliance deadline, and raised the cost estimate for implementing the law to $17 billion. A growing number of state legislatures have passed resolutions against REAL ID, recognizing that regulations can’t make this law work, and neither can a delay. Bills to restore the more carefully crafted ID provisions of the Intelligence Reform and Terrorism Prevention Act of 2004 have been introduced in the House and Senate. Please join us for a discussion of identity-based security and the privacy, liberty, and cost consequences of the REAL ID Act.