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 Military and the Republic
English Summary
The article argues that maintaining strict civil control over the military is paramount to the health of the republic, warning that using armed forces for domestic or political issues constitutes dangerous 'mission creep.' Historically, leaders like Washington established this principle by deferring authority to civilian representatives; however, modern times show a public tendency to rely on the military to solve complex national problems. This reliance risks diverting the force from its primary combat mission and undermining democratic institutions. For policy, the implication is that national strength depends not on military capability alone, but on citizens actively engaging in political life and local communities, thereby strengthening civilian governance.
中文摘要
本文論述維持對軍隊嚴格的文事控制，對於共和國的健全發展至關重要。文章警告指出，將武裝部隊用於處理國內或政治問題，構成危險的「任務擴張」（mission creep）。歷史上，像華盛頓這樣的領袖透過將權力委予民選代表來確立了這一原則；然而，現代社會卻顯示出公眾傾向依賴軍方來解決複雜的國家問題。這種過度依賴不僅有使部隊偏離其主要戰鬥任務的風險，更會削弱民主制度。因此，政策上的啟示是：國家的實力不能僅取決於軍事能力本身，更應建立在公民積極參與政治生活和地方社群之上，從而強化民政治理。
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