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 Coming Quantum National Security Crisis
English Summary
Quantum technologies represent a critical national security inflection point, capable of breaking current global encryption standards and enabling advanced military capabilities like GPS-denied navigation. The threat is immediate, as adversaries, particularly China, are already harvesting encrypted data today while rapidly developing local quantum systems to circumvent US technological dominance. Policy must urgently mandate the transition of all critical infrastructure to quantum-resistant cryptography globally, secure the domestic 'quantum stack' through export controls, and develop contingency plans for potential early decryption of historical secrets.
中文摘要
量子技術代表著一個關鍵的國家安全轉捩點，它具備破解現行全球加密標準的能力，並能實現如「GPS訊號受限導航」等先進軍事能力。此威脅已迫在眉睫，因為敵對勢力，特別是中國，目前正在收集加密數據，同時正快速發展本土量子系統以規避美國的技術主導地位。政策制定必須緊急要求全球所有關鍵基礎設施轉向抗量子密碼學（quantum-resistant cryptography），透過出口管制確保國內「量子堆疊」（quantum stack）的安全，並為潛在的歷史機密提前解密情景制定應變計畫。
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