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.
NATO needs Poland and Germany to be better comrades-in-arms
English Summary
The article argues that a robust security alliance between Poland and Germany is essential for European defense amidst rising Russian aggression and declining US reliability. This partnership is currently stifled by historical grievances, Polish domestic political infighting, and German strategic reluctance regarding defense investment and historical atonement. To overcome these barriers, the two nations are pursuing 'military diplomacy' through a bilateral defense agreement and multilateral security formats to modernize infrastructure and resupply national arsenals. Failure to solidify this axis risks leaving Europe vulnerable if Polish leadership continues to prioritize a potentially unreliable US partnership over regional integration.
中文摘要
本文指出，在俄羅斯侵略威脅加劇且美國可靠性下降的背景下，建立波德強固安全聯盟對歐洲防務至關重要。然而，此一夥伴關係目前受到歷史恩怨、波蘭國內政爭，以及德國在國防投資與歷史贖罪方面的戰略遲疑所制約。為克服上述障礙，兩國正透過雙邊國防協議與多邊安全架構推動「軍事外交」，以促進基礎設施現代化並補充國家軍火庫。若波蘭領導層繼續優先考慮潛在不可靠的對美夥伴關係而非區域整合，未能鞏固此一軸心將使歐洲陷入脆弱境地。
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