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.
Shakedown: How Corporations, Government, and Trial Lawyers Abuse the Judicial Process
Featuring the author Robert A. Levy, Cato Institute; with comments by Walter K. Olson, Manhattan Institute; moderated by Edward H. Crane, Cato Institute.
Baseless lawsuits encourage the notion that individuals can engage in risky behavior, then force someone else to pay for their mistakes. That’s the premise underlying litigation against manufacturers of cigarettes, guns, lead paint, fatty foods, and alcoholic beverages. Meanwhile, our antitrust laws have been co-opted by frustrated competitors who curry favor with bureaucrats to attack market leaders such as Microsoft. In effect, antitrust is now a subsidy used to promote the parochial interests of politically favored companies. In his new book, Shakedown, Robert A. Levy uncovers the worst abuses of a judicial system run amok, then offers concrete proposals to fix the problems. Walter K. Olson, senior fellow at the Manhattan Institute and author of The Rule of Lawyers, will join us to comment on Levy’s book and debate the question whether federalism and tort reform can coexist.