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 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
Telecom & Broadband Outlook After the FCC’s UNE Triennial Review Decision
Featuring Tom Tauke, Verizon Communications; John Windhausen, Association for Local Telecommunications Services; Ray Gifford, Progress & Freedom Foundation; and John Malone, Eastern Management Group.
Six months after releasing a preliminary sketch of the revised rules for local telecom and broadband policy in America, the Federal Communications Commission released its final 576-page unbundled network element (UNE) triennial review order on August 21. Specifically, the FCC examined the UNEs that local telephone carriers must provide to competitive local exchange carriers (CLECs) at regulated rates and ruled that incumbent carriers must continue to unbundle and share much of their network with rivals. The order also envisioned a broader role for state regulators in tailoring UNE guidelines. Going in the opposite direction, the FCC exempted new fiber networks from such sharing rules and scaled back sharing requirements for some other services.
What impact will this latest decision have on the telecom and broadband marketplace? Will the FCC’s latest interpretation of the Telecommunications Act of 1996 pass muster in the courts or be rejected like previous rulings? Panelists will debate the legal, economic, and financial implications of this important ruling.