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 Impossibility of Reversal: Why Capital Punishment Fails the Test of Accountability
English Summary
This analysis argues that capital punishment is fundamentally flawed due to its irreversible nature, especially when administered by a fallible government. The system's core weakness lies in immunity doctrines (for police and prosecutors) which shield state actors from accountability for misconduct, allowing abuses like evidence suppression or framing to occur risk-free. The case of Walter McMillian serves as key evidence, demonstrating how systemic collusion can strip an innocent man of his life without the involved officials facing personal consequences. Consequently, the policy implication is that regardless of whether capital punishment should be abolished, establishing genuine and mandatory accountability for those who wield state power over life and death is paramount.
中文摘要
本分析論證，由於其不可逆轉的性質，特別是當由一個有缺陷的政府執行時，死刑制度本身存在根本性的瑕疵。該體系的核心弱點在於免疫學理（適用於警察和檢察官），這使得國家行為者可以免於對不當行為的問責，從而讓證據壓制或陷害等濫權行為得以「零風險」發生。華特·麥米利安（Walter McMillian）的案例提供了關鍵證據，展示了系統性的串通如何能在相關公職人員無需承擔個人後果的情況下，剝奪一個無辜者的生命。因此，政策上的啟示是，無論是否應該廢除死刑，建立並強制實施針對那些掌握生殺大權的國家行為者問責機制，都是至關重要的。
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