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 France Falls to the Far Right
English Summary
The article warns of a potential far-right political rupture in France during the 2027 elections, driven by voter anxiety over immigration, crime, and mounting national debt that has eroded support for establishment parties. The National Rally's steady rise capitalizes on public dissatisfaction with mainstream economic policies and perceived failures to address social issues. A far-right victory would be highly destabilizing for the European Union because France is a central founding member and nuclear power; such an outcome could undermine the EU’s supranational, law-based architecture at a critical time when global unity is paramount.
中文摘要
本文警告，在2027年法國選舉期間，可能發生一次極右翼的政治動盪。此動盪源於選民對於移民、犯罪問題以及不斷累積的國家債務所產生的焦慮感，這些因素已侵蝕了對建制派政黨的支持度。國民聯盟（National Rally）穩步崛起，正利用公眾對主流經濟政策的不滿，以及對社會議題處理不力的感知。若極右翼獲勝，將對歐盟構成高度不穩定性挑戰，因為法國不僅是核心創立成員國，也是核大國；此類結果可能在全球團結至關重要的時刻，動搖歐盟超國家、法治基礎的架構。
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