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.
As Democracy Falters Worldwide, Authoritarians are Winning
English Summary
Freedom House's "Freedom in the World 2026" report indicates a severe, 20th consecutive year of global democratic decline, marked by authoritarian regimes increasingly formalizing collaboration to undermine democratic institutions worldwide. The report notes significant deteriorations in political rights and civil liberties, even in countries like the United States, alongside a global erosion of media freedom and due process. This trend is compounded by major democracies turning inward, reducing support for global democracy promotion, and facing domestic challenges to their own democratic systems. Reversing this alarming trajectory, the author suggests, necessitates close cooperation among leading democracies, a prospect currently hindered by prevailing geopolitical dynamics and foreign policy priorities.
中文摘要
自由之家（Freedom House）發布的《2026年全球自由度報告》顯示，全球民主已連續第20年陷入嚴重衰退。此一趨勢的顯著特徵在於威權政體日益加強制度化協作，旨在削弱全球各地的民主體制。報告強調，政治權利與公民自由正經歷顯著惡化，即便在美國等成熟民主國家亦未能倖免；與此同時，全球範圍內的媒體自由與正當法律程序也正遭受侵蝕。主要民主國家趨於內向、減少對全球民主推廣的支持，以及其自身民主體系面臨的國內挑戰，均使此一局勢更趨嚴峻。作者指出，欲扭轉這一令人憂慮的發展軌跡，亟需領先民主國家間的緊密合作，惟此一前景目前仍受限於當前的地緣政治動態與外交政策優先順序。
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