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.
What America Must Learn From Ukraine
English Summary
The war in Ukraine is characterized as a hybrid conflict, blending historical elements like static frontlines with unprecedented technological advancements. The key evidence cited is the broad and effective integration of modern technologies, including satellites, autonomous systems, and AI software, fundamentally changing the nature of warfare. For the United States, these trends are deeply concerning, suggesting that military doctrine must adapt to a high-tech environment rather than relying on assumptions of quick, decisive victory. America must therefore learn to navigate this complex technological battlefield to maintain strategic superiority.
中文摘要
烏克蘭戰爭被定性為一種混合衝突，它將靜態戰線等歷史元素，與前所未有的技術進展相結合。引用的關鍵證據是現代技術的廣泛且有效整合，包括衛星、自主系統和人工智慧軟體，這些技術從根本上改變了戰爭的性質。對於美國而言，這些趨勢極為令人擔憂，暗示軍事學說必須適應高科技環境，而非僅依賴快速、決定性勝利的假設。因此，美國必須學會駕馭這個複雜的技術戰場，才能維持其戰略優勢。
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