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.
Backlash: China’s Struggle for Influence in Central Asia
English Summary
While China has significantly expanded its influence in Central Asia through infrastructure investment, soft power, and security ties, this growing presence is generating substantial popular backlash. Local grievances are rooted in real issues, including environmental damage, corruption, and unfair labor practices associated with Chinese-funded projects. The resistance suggests that Central Asian nations are wary of potentially costly resource deals and the terms of Chinese engagement. Policymakers in the US and Europe should recognize that China's influence is not universally welcomed and that the region may be receptive to credible, alternative development models.
中文摘要
儘管中國透過基礎設施投資、軟實力及安全聯繫等方式，在中亞地區大幅擴大了其影響力，但這種日益增長的能見度卻引發了巨大的民意反彈。當地的不滿根源於實際問題，包括與中國資助項目相關的環境破壞、腐敗和不公平勞工實踐。這種抵抗表明，中亞國家對於潛在成本高昂的資源交易以及中國參與的條款，都抱持著警惕心。美國和歐洲的政策制定者應認識到，中國的影響力並非普遍受到歡迎，且該地區可能對可信的、替代性的發展模式持開放態度。
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