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 America Can Stop Getting Played by China
English Summary
The article argues that the U.S. must fundamentally adjust its strategy to counter China's growing strategic influence and prevent being economically or politically manipulated. Historical attempts, such as conditioning China's 'most favored nation' status on human rights benchmarks, proved ineffective because Beijing was able to ignore the conditions and threaten diplomatic retaliation. The analysis implies that relying solely on trade leverage is insufficient, suggesting that a comprehensive, multi-faceted approach is necessary to effectively constrain China's actions. Policymakers must therefore move beyond simple economic conditions to address the root causes of strategic friction.
中文摘要
本文論述美國必須根本調整其戰略，以應對中國日益增長的戰略影響力，並防止自身在經濟或政治上被操縱。歷史上的嘗試，例如將中國的「最惠國待遇」與人權基準掛鉤，已被證明是無效的，因為北京能夠無視這些條件，並威脅進行外交報復。分析指出，單純依賴貿易籌碼是不足夠的，建議必須採取全面、多層面的方法，才能有效地制約中國的行動。因此，政策制定者必須超越簡單的經濟條件，從根本上解決戰略摩擦的根源問題。
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