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 Trillion Dollar War Machine: How Runaway Military Spending Drives America Into Foreign Wars and Bankrupts Us at Home
English Summary
The article argues that the United States' defense budget, which has surpassed $1 trillion, is driven by a complex 'machine' of lobbying, media influence, and cultural spending rather than genuine security needs. This excessive and often wasteful spending model risks both national bankruptcy and perpetual foreign entanglement. Key evidence points to the Pentagon's inability to fully account for its expenditures, which are fueled by non-military interests like Hollywood and local police forces. Policy implications suggest that slowing this spending requires deep structural reforms, including campaign finance reform and a fundamental shift toward a foreign policy less reliant on military force.
中文摘要
本文論述美國超過一兆美元的國防預算，其驅動因素並非真正的安全需求，而是由遊說團體、媒體影響力及文化消費等複雜「機制」所推動。這種過度且常規浪費的支出模式，不僅有導致國家破產的風險，更可能造成永久的外部牽連。關鍵證據指出，國防部難以完全核算其開支，這些開支甚至受到好萊塢和地方警力等非軍事利益的推動。政策意涵顯示，要減緩此類支出，必須進行深層次的結構性改革，包括推動選舉資金改革，並根本性地轉向一個不依賴軍事力量的外交政策。
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