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.
To secure critical minerals supply governments need to take a stake in industry
English Summary
Western governments must shift from merely incentivizing private mining to taking direct equity stakes in the industry to secure critical mineral supplies and counter China’s market dominance. The report highlights that the US is already leveraging billions in state-backed financing and board-level control to mitigate geopolitical vulnerabilities, a model the UK and EU must follow to prevent deindustrialization. This strategic shift requires mobilizing politically guided capital to provide the long-term investment necessary for mining projects that are often commercially unviable due to high volatility and low prices. Failure to secure these supply chains through direct ownership risks leaving critical manufacturing sectors vulnerable to foreign export controls and trade disruptions.
中文摘要
西方政府必須從僅僅激勵私人採礦轉向對該行業進行直接股權投資，以確保關鍵礦產供應並對抗中國的市場主導地位。報告強調，美國已利用數十億美元的國家支持融資及董事會級別的控制權來減輕地緣政治脆弱性，英國和歐盟必須效仿此模式以防止去工業化。這一戰略轉型需要動員具政治引導性的資本，為那些因高波動性和低價格而在商業上往往不可行的採礦項目提供必要的長期投資。若未能透過直接所有權確保這些供應鏈，將面臨關鍵製造部門易受外國出口管制和貿易中斷威脅的風險。
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