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.
Beyond Venezuela and Cuba: The U.S. Military’s Future Operations in the Western Hemisphere
English Summary
The U.S. military's future focus in the Western Hemisphere is shifting from great power competition to combating transnational criminal organizations (TCOs), drug trafficking, and narco-terrorism. This pivot is evidenced by recent threat assessments that prioritize illicit border actors over state rivals, leading to increased joint military operations and intelligence sharing with regional allies. Strategically, the U.S. will continue to deepen military cooperation through joint training and counter-cartel campaigns. However, the article cautions that sustained success requires coupling these security efforts with broader diplomatic and economic initiatives to address local concerns regarding sovereignty and human rights.
中文摘要
美國軍方在西半球的未來重點正從大國競爭轉向應對跨國犯罪組織（TCOs）、毒品走私和毒品恐怖主義。這一轉變體現在近期威脅評估中，將非法邊境行為者置於國家競爭對手之上，從而導致與區域盟友進行了更頻繁的聯合軍事行動和情報共享。從戰略角度來看，美國將透過聯合訓練和反卡特爾行動深化軍事合作。然而，本文警告指出，要實現持續的成功，必須將這些安全努力與更廣泛的外交和經濟倡議結合起來，以解決當地對於主權和人權的擔憂。
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