Featuring William P. Ruger, Vice President of Policy and Research, Charles Koch Institute; Jason Sorens, Lecturer, Department of Government, Dartmouth College; moderated by Peter Russo, Director of Congressional Affairs, Cato Institute.
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.
Money: How the Destruction of the Dollar Threatens the Global Economy — and What We Can Do about It
Featuring the authors Steve Forbes, Chairman and Editor-in-Chief, Forbes Media; and Elizabeth Ames, President, BOLDE Communications; with comments by Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University, and Senior Fellow, Cato Institute; moderated by James A. Dorn, Vice President for Monetary Studies and Senior Fellow, Cato Institute.
In Money: How the Destruction of the Dollar Threatens the Global Economy, Steve Forbes and coauthor Elizabeth Ames explain how the lack of any anchor for the U.S. dollar after President Nixon closed the gold window in August 1971 has increased uncertainty and put us on a pure discretionary government fiat money system. The Federal Reserve, now in its 100th year of operation, has become a central bank that serves as the fiscal agent of a profligate government, not the guardian of sound money. The authors argue that the 2008 financial crisis would not have occurred under a true gold standard, nor would government have become the bloated Leviathan it now is. They advocate returning to the hallmark of a liberal economic order — namely, a stable-valued dollar convertible into gold.