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.
Restoring Property Rights After Kelo v. New London
featuring Sen. John Cornyn (R-TX) and a debate between Roger Pilon, Director, Cato Institute Center for Constitutional Studies, and John Echeverria, Executive Director, Georgetown Environmental Law and Policy Institute
The public outcry that followed the Supreme Court’s decision last June in Kelo v. New London has been loud and sustained. Americans have awakened at last to the power of government to take their homes and businesses and transfer title to others—all in the name of “economic development.” In response, legislatures across the country, including in Congress, are introducing measures to better protect the rights of owners. Sen. John Cornyn, a member of the Senate Judiciary Committee and a former justice on the Texas Supreme Court, has introduced one such bill. Please join us for a discussion of what Congress is doing to protect owners, followed by a debate over the issues at stake.