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 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Featuring David Schoenbrod,
Professor of Law, New York Law School;
Adjunct Scholar, Cato Institute; Author, Saving Our Environment from Washington: How Congress Grabs Power, Shirks Responsibility, and Shortchanges the People (Yale University Press, 2005)
and moderated by
Jerry Taylor, Director of Natural Resource Studies, Cato Institute.
In 1970, Congress created the EPA on the theory that only a national agency insulated from accountability to voters could produce the scientifically grounded pollution rules needed to save a careless public from its own filth. But David Schoenbrod, former Natural Resources Defense Council senior attorney, has come to the conclusion that letting the EPA dictate to the nation is a mistake. In his new book, Prof. Schoenbrod argues that the EPA is a musclebound agency that, under Democrats and Republicans alike, delays good rules, imposes bad ones, and is so massive, mighty, and remote that it does unnecessary damage to our society.