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.
A Superpower in What? A Look Into the Nature of Russia’s Social Order
Featuring Julia Latynina, Independent journalist, Russia. Moderated by Andrei Illarionov, Senior Fellow, Center for Global Liberty and Prosperity, Cato Institute.
Proclaimed an energy superpower, Russia under Vladimir Putin received more than $1 trillion in revenues from oil and gas. The bonanza brought the country’s elite Swiss watches, villas on the Cote-d’Azur, and British football clubs. The Russian president has thirteen private residences and is building a dozen more. Julia Latynina, one of Russia’s leading independent journalists, will explain that while Russia may have surpassed the United States on some such measures, the country’s new wealth has not brought internal peace, functioning state institutions, or a modern economy. Instead, Russia has become the world’s largest exporter of corruption and the largest importer of legal services from the European Court of Human Rights. Please join us for this discussion on the current nature of Russia’s social order.