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 Hour of the Predator: Encounters With the Autocrats and Tech Billionaires Taking Over the World
English Summary
The article argues that the established Western-led international order is collapsing, replaced by a new global power elite composed of ruthless autocrats and tech billionaires. This shift is characterized by a disregard for international law and democratic norms, exemplified by the dangerous combination of authoritarianism and artificial intelligence. The piece warns that the traditional diplomatic and legal frameworks are insufficient to counter these powerful, self-serving 'predators.' Policy must prepare for a future marked by chaos and the absence of reliable global rules.
中文摘要
本文論述，由西方主導的既有國際秩序正在崩解，取而代之的是一個由冷酷的獨裁者和科技億萬富豪組成的全新全球權力精英。這種轉變的特徵是蔑視國際法和民主規範，其體現為威權主義與人工智慧的危險結合。文章警告，傳統的外交和法律框架不足以應對這些強大且自我服務的「掠食者」。政策制定必須為一個充滿混亂且缺乏可靠全球規則的未來做好準備。
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