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.
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Why Government Fails So Often: And How It Can Do Better
Featuring the author Peter Schuck, Professor of Law Emeritus, Yale Law School; with comments by Arnold Kling, Economist and Adjunct Scholar, Cato Institute; moderated by Walter Olson, Senior Fellow, Center for Constitutional Studies, Cato Institute.
From the doctor’s office to the workplace, the federal government is taking on ever more responsibility for managing our lives. At the same time, Americans have never been more disaffected with Washington, seeing it as an intrusive, incompetent, wasteful giant. In this book, lawyer and political scientist Peter Schuck lays out a wide range of examples and an enormous body of evidence to explain why so many domestic policies go awry. Economist David Henderson, research fellow at the Hoover Institution and coeditor of EconLog, lauds the book as full of “gems” and “juicy” insights: “Schuck does a beautiful job of laying out all the problems with government intervention.” But can the state get better results by pursuing more thoughtfully conceived policies designed to compensate for its structural flaws? Schuck believes it can. Many libertarians will disagree — and that debate will enliven our discussion.