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.
Featuring Joseph diGenova, Former U.S. Attorney; Randy Barnett, Boston University School of Law; Sally Satel, American Enterprise Institute; Dennis Knizely, Criminal Defense Attorney.
A recent poll suggests that most Americans regard our nation’s drug war as a policy failure. Yet the public continues to support traditional drug war strategies, such as interdicting drugs at the border and arresting and incarcerating drug dealers and users. Policymakers also seem to be divided about the future direction of drug policy. Federal officials, for example, are pouring more resources into Latin America even as an increasing number of states are passing medical marijuana initiatives and other policies indicating leniency. Is it time to escalate and expand the war against drugs? If so, should policy initiatives focus on interdiction, education, incarceration, or treatment of offenders? Should efforts go beyond our own territories? Alternatively, is it time to reverse course and move toward the decriminalization or legalization of drugs? Join us for a vigorous exchange of views on those questions.