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.
Fallout: The Inside Story of America’s Failure to Disarm North Korea
English Summary
The publication argues that U.S. failure to disarm North Korea stems not from external threats, but from chronic internal policy failures, bureaucratic paralysis, and missed opportunities across successive administrations since the 1990s. Key evidence includes critiques of the Obama administration's 'paralysis cloaked in patience,' the internal conflicts during the Bush era, and the disruptive actions of certain advisors. The core finding is that flawed policy execution and institutional stove-piping have consistently undermined effective U.S. strategy toward Pyongyang, necessitating a fundamental overhaul of diplomatic and policy processes.
中文摘要
該出版物主張，美國未能解除北韓的武裝，其根源並非來自外部威脅，而是自上世紀九十年代以來，歷屆政府所面臨的長期內部政策失誤、官僚癱瘓，以及錯失的機遇。關鍵證據包括對奧巴馬政府「偽裝在耐心中的癱瘓」的批判、喬治·W·布希時代的內部衝突，以及某些顧問的破壞性行動。核心發現指出，政策執行上的缺陷和制度化的部門壁壘，持續削弱了美國對平壤的有效戰略，有必要對外交和政策流程進行根本性的重組與改革。
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