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 Kind of Change Is Coming to Iran?
English Summary
The analysis concludes that the Islamic Republic of Iran is a 'zombie regime' whose ideological and economic foundations are failing, making the current status quo unsustainable. The mounting, nationwide protests are fueled by deep political, economic, and social grievances that transcend traditional ethnic or class divides. Crucially, the regime's core anti-Western ideology is losing legitimacy as the population increasingly prioritizes national reclamation and stability over foreign-directed conflict. Policymakers should anticipate that while the regime may use violence to delay its collapse, the underlying grievances will persist, suggesting a profound and complex transition away from the current theocratic structure.
中文摘要
分析結論指出，伊朗伊斯蘭共和國已成為一個「衰退政權」（zombie regime），其意識形態和經濟基礎正在瓦解，使得現狀難以持續。全國範圍內不斷升級的抗議活動，源於深層的政治、經濟和社會積怨，這些積怨超越了傳統的族群或階級界線。至關重要的是，該政權的核心反西方意識形態正逐漸失去合法性，因為民眾越來越重視國家復興與穩定，而非依附於外部勢力引導的衝突。政策制定者應預期，儘管該政權可能會使用暴力來延緩其崩潰，但潛在的積怨仍將持續存在，這預示著一個脫離現有神權結構的深刻而複雜的轉型過程。
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