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.
The Shackled Continent: Power, Corruption, and African Lives
Featuring the author Robert Guest, Africa Editor, The Economist; with comments by Marian Tupy,
Assistant Director, Project on Global Economic Liberty, Cato Institute; and moderated by Ian Vásquez, Cato Institute.
The Shackled Continent addresses Africa’s thorniest problems: war, AIDS, and above all, poverty. Robert Guest, who spent six years reporting from the world’s poorest continent, pulls the veil off the corruption and intrigue that cripple so many African nations. Guest believes that Africans have been impoverished largely by their own leaders. In the postcolonial era, African rulers–a group he calls “thugocracy”–have shackled their people’s entrepreneurial talents and driven the brightest and most honest to emigrate. From the minefields of Angola to the barren wheat fields of Zimbabwe, Guest gathers startling evidence of the misery African leaders have inflicted on their people. But he also finds success stories, from which he draws hope. With less predatory and more pragmatic government, he argues, the continent will eventually prosper.