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.
The Invincibility Gap: How Constitutional Safeguards Have Become a List of Polite Suggestions
English Summary
The article argues that the U.S. legal system increasingly favors the state through broad sovereign and qualified immunity doctrines that shield government agencies and officials from accountability. By examining the cases of USPS v. Konan and NRA v. Vullo, the author illustrates how expanding legal exceptions and 'clearly established law' requirements protect even intentional discrimination and regulatory coercion. These developments create a 'double lock' on justice, effectively transforming constitutional guarantees into unenforceable suggestions and leaving citizens without redress for proven misconduct.
中文摘要
本文指出，美國法律體系透過廣泛的主權豁免與限定豁免教義，正日益向國家權力傾斜，保護政府機構與官員免於問責。透過分析 USPS 訴 Konan 案與 NRA 訴 Vullo 案，作者闡述了法律例外的擴張以及「明確既定法律」的要求，如何包庇甚至包括蓄意歧視與監管脅迫在內的行為。這些發展為司法公正套上了「雙重鎖」，實質上將憲法保障轉變為不具強制力的建議，使公民在遭遇已證實的公職人員不當行為時無法獲得救濟。
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