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.
Tony Leon Former Leader of the Opposition, South African Parliament,
Visiting Fellow, Cato Institute; Andrew Mwenda Managing Director, The Independent, Uganda; moderator Marian Tupy Policy Analyst, Cato Institute
Africa is more democratic than ever before and elections more frequent, but poll results are often predetermined and much of the region remains in the hands of autocratic governments. How free are Africans in countries that have seen some degree of political or economic liberalization? Tony Leon, a longtime member and opposition leader in the South African Parliament who criticized first the National Party apartheid government and then the African National Congress government, will assess African states’ progress on the road to political, economic, and civil liberty. Ugandan journalist and political activist Andrew Mwenda will discuss ways in which Africans are fighting for their freedoms.