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.
Venezuela’s Assault on Freedom of the Press and Other Liberties
Featuring Carlos Alberto Zuloaga, Executive Vice President, Globovision Televisión, Venezuela; Rafael Alfonzo, President, CEDICE, Venezuela; Robert Rivard, Director, Committee on Freedom of the Press, Inter American Press Association; and moderated by Ian Vásquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
Venezuelan President Hugo Chávez is promising to shut down Globovision Televisión, the last remaining independent television station broadcasting on public airwaves in the country. Two years ago, the government closed RCTV, Venezuela’s largest television station, a move that sparked the successful student movement to reject Chávez’s constitutional referendum to consolidate his socialist project. The government now claims that the private press is engaging in “media terrorism” and is “sickening” the public, and has announced that it will close more than 240 radio stations. Carlos Alberto Zuloaga and Rafael Alfonzo will describe Chávez’s increasing radicalization in recent months, including his intensified assault on the press and on other basic civil, political, and economic liberties. Robert Rivard will provide comments.