The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
How Viktor Orbán’s Hungary Eroded the Rule of Law and Free Markets
English Summary
A Cato Institute analysis argues that Viktor Orbán's Hungary has eroded the rule of law and free markets, moving away from its initial liberal democratic foundations. The report highlights a significant decline in Hungary's freedom scores across various indices, including Freedom House, V-Dem, and the Human Freedom Index, demonstrating a shift towards an 'illiberal state' characterized by centralized power, cronyism, and weakened institutions. This serves as a cautionary tale against unrestrained executive power and a departure from democratic norms, contrasting sharply with Orbán's self-portrayal as a 'freedom fighter'.
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