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.
America Needs Economic Warriors
English Summary
The article argues that the US must treat its rivalry with China as a comprehensive economic and technological cold war, requiring a dedicated focus on economic strength. The core reasoning is that China's aggressive practices—including subsidized dumping, intellectual property theft, and coercive acquisition of dual-use technologies—pose systemic threats to American markets and supply chains. To counter these threats, the US must implement robust economic security policies designed to safeguard critical assets and rebuild the domestic industrial base. Strategically, this necessitates a shift toward proactive economic warfare to ensure America maintains a decisive global economic advantage.
中文摘要
本文主張，美國必須將其與中國的競爭視為一場全面的經濟與技術冷戰，並要求專注於經濟實力。其核心論點是，中國的激進行為——包括補貼傾銷、智慧財產盜竊，以及強制性取得兩用技術——對美國市場和供應鏈構成系統性威脅。為應對這些威脅，美國必須實施強健的經濟安全政策，以保護關鍵資產並重建國內產業基礎。從戰略角度來看，這要求美國轉向主動的經濟戰，以確保美國維持決定性的全球經濟優勢。
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