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.
Nigeria’s Islamist Reckoning
English Summary
The article argues that recent terrorist attacks in southwestern Nigeria—including student abductions and teacher executions—reveal an Islamist insurgency with explicit theological goals rather than isolated criminal acts. Key evidence includes symbolic beheadings, demands for Sharia law implementation, and attacks in non-pastoral areas with no farmer-herder conflict history, undermining the prevailing "farmer-herder clash" explanation. The Tinubu administration's increased defense spending and U.S. military collaboration have yielded tactical successes, including elimination of ISIS's second-in-command, but defeating an eschatological enemy seeking abolition of the secular state will require sustained international cooperation, realistic timeframes, and coordinated action with Sahelian neighbors.
中文摘要
該文章主張，奈及利亞西南部最近的恐怖襲擊事件——包括學生綁架和教師處決——揭露了具有明確神學目標的伊斯蘭主義叛亂，而非孤立的犯罪行為。關鍵證據包括象徵性斬首、對實施伊斯蘭法的要求，以及在無牧民與農民衝突歷史的非牧區的襲擊，這削弱了盛行的「農民與牧民衝突」解釋。廷烏布政府增加的國防支出和美國軍事合作已取得戰術成功，包括消滅伊斯蘭國第二號人物，但要擊敗尋求廢除世俗國家的末世論敵人，將需要持續的國際合作、現實的時間框架，以及與薩赫勒鄰國的協調行動。
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