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.
White House Intervention Bolsters Trump Jr–Connected Rare Earths Firm
English Summary
The article argues that while reducing US dependence on China's rare-earth mineral supply chain is a critical strategic necessity, the government's industrial policy response is compromised by political favoritism. Key evidence highlights the rapid, $670 million federal funding commitment to Vulcan Elements, a startup linked to Donald Trump Jr.'s venture fund. This funding was reportedly fast-tracked and directed by a senior White House official, bypassing standard Pentagon vetting procedures. The implication is that efforts to secure critical domestic supply chains risk eroding public trust and suggesting that industrial policy may prioritize political connections over transparent, merit-based decision-making.
中文摘要
本文論述，雖然減少美國對中國稀土礦物供應鏈的依賴是關鍵的戰略必要性，但政府的產業政策應對卻受到政治偏袒的影響。關鍵證據指出，聯邦政府迅速向一家與唐納德·川普二世的創投基金相關的初創公司Vulcan Elements投入了6.7億美元的資金。據報導，這筆資金的撥付被加速處理，且由一位高級白宮官員主導，繞過了標準的國防部審核程序。其隱含意義是，確保關鍵國內供應鏈的努力，可能會侵蝕公眾信任，並暗示產業政策可能將政治關係置於透明、基於實質的決策考量之上。
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