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.
Strategic Landpower Dialogue: A Conversation with Major General Lars S. Lervik
English Summary
Major General Lervik argues that landpower is essential for deterrence, arguing that Norway's strategic location and the heightened threat from Russia necessitate a fundamental shift in defense posture. The key evidence for this change is the realization of Russia's aggressive capabilities, particularly following the invasion of Ukraine, which has led to a unanimous parliamentary decision to more than double defense spending and significantly expand military capacity. Strategically, this mandates that the Norwegian Army focus on robust homeland defense while also taking greater responsibility for the entire Nordic region, thereby reinforcing NATO's collective security commitment in the face of geopolitical tension.
中文摘要
萊維克少將（Major General Lervik）主張，陸地力量對於威懾至關重要，並認為挪威的戰略地理位置和來自俄羅斯日益加劇的威脅，要求其必須對防禦態勢進行根本性轉變。支持這一變革的關鍵證據是，特別是在入侵烏克蘭之後，人們深刻認識到俄羅斯積極的戰鬥能力，這促使議會一致決定將國防開支增加一倍以上，並顯著擴大軍事能力。從戰略角度來看，這要求挪威陸軍必須專注於穩固的本土防禦，同時也需承擔整個北歐地區更大的責任，從而面對地緣政治緊張局勢，強化北約的集體安全承諾。
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