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 West vs the West at the Munich Security Conference
English Summary
The article argues that the Munich Security Conference exposed a deepening political-strategic split inside the West, even as leaders tried to project unity on core security issues. It cites Marco Rubio’s speech as emblematic: he reassured Europe that it still matters to Washington, but paired that with hard limits on U.S. support and warnings that America will act unilaterally when allies resist. The piece also points to contrasting interventions by Wang Yi, Keir Starmer, and Volodymyr Zelenskyy to show how states are recalibrating between U.S.-China rivalry and uncertain transatlantic cohesion. Strategically, it implies European governments should prepare for more conditional U.S. backing, invest in autonomous defense and diplomatic capacity, and pursue flexible coalitions to manage both Russia-related threats and wider great-power competition.
中文摘要
該文指出，慕尼黑安全會議揭示西方內部日益加深的政治與戰略分歧，儘管各國領導人仍試圖在核心安全議題上展現團結。文中以馬可・魯比歐的演說為代表：他一方面向歐洲保證其對華府仍具重要性，另一方面又對美國支援設下明確上限，並警告當盟友不配合時，美國將採取單邊行動。文章亦透過王毅、施凱爾與澤倫斯基的不同表態，說明各國正於美中競爭與跨大西洋凝聚力不確定性之間重新校準。就戰略意涵而言，歐洲政府應為更具條件性的美國支持預作準備，強化自主防衛與外交能力，並推動具彈性的聯盟組合，以同時因應涉俄威脅與更廣泛的大國競爭。
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