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.
The Crumbling Pillars of Global Peace
English Summary
The article argues that the post-WWII global peace, which rested on the twin convictions of non-aggression and anti-imperialism, is rapidly collapsing due to rising interstate conflicts and the breakdown of international norms. Key evidence includes the modernization of nuclear arsenals, the proliferation of regional wars, and the erosion of collective moral leadership. Policy recommendations stress that the solution is not merely institutional reform, but the restoration of the global commitment to these foundational principles, requiring political leadership to revitalize the UN's role as an impartial mediator and champion of international law.
中文摘要
本文論述，戰後全球和平建立在不侵略原則與反帝國主義這兩大信念之上，但現正因國家間衝突加劇和國際規範瓦解而迅速崩塌。關鍵證據包括核武庫的現代化、區域戰爭的蔓延，以及集體道德領導力的侵蝕。政策建議強調，解決方案不僅僅是制度性改革，更需要恢復全球對這些基本原則的承諾，這要求政治領導層必須振興聯合國作為公正調解人及國際法捍衛者的角色。
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