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.
Toward a Customer-Driven Transportation Reauthorization
Featuring Rep. Scott Garrett (R-NJ); Sam Staley, Urban Futures Program, Reason Public Policy Institute, and author, Mobility First: A New Vision for Transportation in a Globally Competitive Twenty-First Century; and Randal O’Toole, Senior Fellow, Cato Institute.
In reauthorizing federal funding for transportation, Congress has a choice between top-down policies whose focus is on reducing American mobility at almost any cost and customer-driven policies whose focus is on enabling mobility while cost-effectively minimizing the environmental impact of that mobility. The “Surface Transportation Act of 2009: A Blueprint for Investment and Reform” from the House Committee on Transportation and Infrastructure firmly chooses the former strategy. Please join Rep. Scott Garrett, author Sam Staley, and Cato Institute scholar Randal O’Toole to discuss alternatives that will save taxpayers billions while doing far more to protect the environment.