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.
America’s Post-Deliberative Wars
English Summary
The article argues that the recent 'Iran War' represents a 'post-deliberative' conflict, characterized by the near-total failure of Congress and the mainstream media to sustain robust public debate on the choice between war and peace. Key evidence cited is the lack of meaningful congressional deliberation or votes before the conflict, contrasting sharply with previous, albeit flawed, instances of military authorization. The implications are dire: this trend of congressional abdication and media passivity reinforces the 'imperial presidency,' necessitating sustained voter engagement and political pressure to restore constitutional oversight of executive military power.
中文摘要
本文論述近期發生的「伊朗戰爭」屬於一種「後審議式」衝突，其特徵是國會和主流媒體在維持關於戰爭與和平選擇的健全公共辯論方面，幾乎完全失敗。文章引用的關鍵證據是，在衝突發生前，缺乏有意義的國會審議或投票，這與過去（儘管有瑕疵）的軍事授權案例形成了鮮明對比。其意涵是嚴峻的：國會的棄權和媒體的被動性趨勢，正在強化「帝國式總統制」，有必要透過持續的選民參與和政治壓力，來恢復對行政軍事權力的憲政監督。
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