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.
Misdirection and Misinformation: FISA Reauthorization Fight Intensifies
English Summary
The article argues that the intelligence community's core defense for Section 702 reauthorization—that it is technically impossible to filter US-person communications from foreign traffic—is factually incorrect. This claim is undermined by the existence of sophisticated, real-time jurisdictional-tagging and anonymization systems developed by the global financial sector for compliance purposes, proving the necessary technology is mature. Consequently, the author advises that Congress should reject current reauthorization bills, which are structurally flawed, and instead mandate a privacy architecture modeled after commercial best practices to ensure constitutional compliance.
中文摘要
本文主張，情資機構為爭取《第702條款》延期授權的核心辯護——即技術上不可能將美國公民的通訊與外國流量進行區分——在事實上是錯誤的。此主張因全球金融業為合規目的所開發的複雜、即時管轄區標記和匿名化系統而受到質疑，這證明了所需技術已臻成熟。因此，作者建議國會應拒絕現行結構性有缺陷的延期授權法案，轉而制定一項模擬商業最佳實踐的隱私架構，以確保符合憲法規定。
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