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.
How Washington Is Weaponizing Anticorruption Law
English Summary
The article argues that the U.S. government is weaponizing anti-corruption laws, specifically the Foreign Corrupt Practices Act (FCPA), for strategic or political gain. Key evidence cited is the immediate and massive spike in stock prices for firms under FCPA investigation following a temporary suspension of the law. This suspension allowed these firms to gain billions in market value, far exceeding potential penalties. The implication is that anti-corruption legislation can be manipulated to benefit specific corporate interests, undermining the rule of law and creating unpredictable market volatility.
中文摘要
本文主張美國政府正將反腐敗法規，特別是《海外反腐敗行為法案》（FCPA），用於實現戰略或政治目的。文章引用的關鍵證據是：當FCPA法案暫時中止後，受調查企業的股價立即出現了大規模的飆升。這種暫停使得這些企業獲得了數十億美元的市場價值，遠超過了潛在的罰款金額。其潛在的啟示是，反腐敗立法可能被操縱以造福特定的企業利益，從而削弱法治基礎，並造成不可預測的市場波動性。
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