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.
America Needs an Alliance Audit
English Summary
The article argues that recent political actions, specifically those involving extortion and tariffs, have severely damaged the long-standing U.S. alliance system. While the U.S. needs to restore international cooperation, the author cautions against simply reviving the Cold War-era alliance framework. This approach is deemed inappropriate because the global landscape has fundamentally changed since the current structures were established. Therefore, future U.S. policy must conduct a comprehensive 'alliance audit' to adapt to modern geopolitical realities rather than relying on historical precedents.
中文摘要
本文論述，近期一些政治行動，特別是涉及敲詐和關稅的行為，已嚴重損害了長期建立的美國聯盟體系。儘管美國需要恢復國際合作，但作者警告，不能簡單地復興冷戰時期的聯盟框架。這種做法被認為不適當，因為自當前結構建立以來，全球格局已發生根本性變化。因此，美國未來的政策必須進行全面的「聯盟審計」（alliance audit），以適應現代地緣政治現實，而非僅依賴歷史先例。
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