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 Crumbling Defense of Europe
English Summary
The article argues that the planned US withdrawal of military assets from Europe, based on the premise that the continent must 'stand on its own feet,' is strategically flawed and dangerous. Key evidence includes detailed plans for slashing troops, aircraft, and command capabilities, occurring concurrently with Russia's escalation of hybrid and conventional warfare against NATO. The analysis warns that this withdrawal will leave Europe critically vulnerable and, more broadly, will undermine US global credibility, signaling to rivals that American commitments are unreliable in other theaters, including the Indo-Pacific.
中文摘要
本文論述，美方以歐洲「自力更生」為前提所規劃的軍事資產撤離，在戰略上存在缺陷且極具風險。關鍵證據包括：在俄羅斯加劇對北約的混合戰與傳統戰爭的同時，美方詳細規劃削減部隊、飛機和指揮能力。分析警告指出，此類撤離將使歐洲處於極度脆弱的境地，更廣泛地而言，將損害美國的全球信譽，向競爭對手發出訊號，即美國在包括印太地區在內的其他戰區的承諾是不可靠的。
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