A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
The American pika (Ochotona princeps) is an insanely cute critter often found in above-timberline rock fields in the western U.S. Because they often live near mountain peaks, there’s been concern that global warming could push them over the top, to extinction.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
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 Daniel J. Mitchell, Senior Fellow at the Cato Institute and coauthor of Global Tax Revolution: The Rise of Tax Competition and the Battle to Defend It; and Richard Rahn, Former member of the Cayman Islands Monetary Authority;
Politicians from high-tax nations, working through international bureaucracies such as the Paris-based Organization for Economic Cooperation and Development, are trying to undermine tax competition by persecuting so-called tax havens. Treasury Secretary Timothy Geithner recently testified that the Obama administration intends to push legislation to penalize Americans who utilize these jurisdictions. European politicians, meanwhile, have announced that they want to use the upcoming G-20 Summit to launch an attack on low-tax jurisdictions. Governments do not like tax havens because it is more difficult to enforce oppressive tax laws in a globalized economy. Any assault against tax havens, however, would be bad news for the global economy. Without the pressure of tax competition, politicians would raise tax rates, wiping out many of the pro-growth reforms of recent decades. Such a campaign would also undermine the U.S. economy, both because the United States is a tax haven for foreign capital and because most major “offshore” centers are conduits for investment in the American economy. To learn more about these issues, please join Cato scholar Dan Mitchell and former member of the Cayman Islands Monetary Authority Richard Rahn to review the myths and realities about the role of tax havens in the global economy.