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 Rebellion: Whither the National ID Law?
Featuring Mark Sanford, Republican Governor of South Carolina and Jon Tester, Democratic U.S. Senator from Montana. Moderated by Jim Harper, Cato Institute.
On May 11, 2008, the statutory deadline for compliance with the REAL ID Act will pass without a single state meeting its requirements. Indeed, more than 17 states have passed legislation objecting to or outright refusing to implement this national ID law. Earlier this year, the Department of Homeland Security handed out extensions of the compliance deadline just for the asking, but state leaders from across the ideological spectrum refused even this small gesture of acquiescence. A REAL ID rebellion is underway, and it has ushered in a debate on whether the United States should have a national ID system. The debate didn’t happen when the law passed because Congress held no hearings, and there was no up-or-down vote on REAL ID in the Senate. Votes this year on REAL ID funding, or perhaps repeal of the national ID law, will reveal where Members of Congress stand on the question whether law-abiding American citizens should be practically or legally required to carry a national ID. Please join us to hear two prominent leaders present their distinct perspectives on REAL ID, identification policy, national and individual security, identity fraud, and privacy.