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 Unsettling Implications of Xi’s Military Purge
English Summary
Xi Jinping has launched a sweeping purge targeting the highest echelons of the People's Liberation Army (PLA) leadership. The investigation of top officers for "violations of party discipline" signals a profound political restructuring, far exceeding routine anti-corruption efforts. This move centralizes ultimate authority within the PLA directly under Xi's personal control, eliminating potential institutional resistance among the military elite. Strategically, this consolidation of power solidifies Xi's grip on the state apparatus and fundamentally reshapes China's internal power dynamics and military command structure.
中文摘要
習近平發動了一場針對人民解放軍（PLA）高層領導的大規模整肅。對高級軍官以「違反黨紀」為由進行調查，顯示這是一場深刻的政治重組，其規模遠超常規的反腐行動。此舉旨在將最終權力直接集中於習近平個人控制之下，從而消除軍方精英階層潛在的制度性抵抗。從戰略角度來看，這種權力鞏固鞏固了習近平對國家體系的控制，並從根本上重塑了中國的內部權力動態和軍事指揮結構。
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