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.
Cyberwar’s New Frontier
English Summary
The article argues that artificial intelligence is ushering in a new, highly autonomous frontier for cyber warfare, escalating the threat beyond traditional state-sponsored espionage. Key evidence includes recent reports of Chinese state actors utilizing AI for sophisticated attacks against Western critical infrastructure, alongside AI models autonomously discovering widespread vulnerabilities in major operating systems. The implication is that the speed and sophistication of AI-driven cyber capabilities pose an unprecedented risk, demanding urgent policy and defensive strategies to secure global digital systems against uncontrollable threats.
中文摘要
本文論述人工智慧正在開啟一個全新、高度自主的網路戰前沿，使威脅已超越傳統的國家級間諜活動。關鍵證據包括近期報告指出中國國家行為者利用AI對西方關鍵基礎設施發動複雜攻擊，以及AI模型能夠自主發現主流作業系統的廣泛漏洞。其意涵是，AI驅動的網路能力在速度和複雜性上構成了史無前例的風險，迫切要求制定政策和防禦策略，以保護全球數位系統免受失控威脅。
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