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.
Europe Is Stuck With America
English Summary
The article argues that European leaders must urgently reduce their economic and military dependence on the United States due to the volatility of American policy, exemplified by potential tariff imposition or troop withdrawal threats. This dependency is rooted in the U.S. serving as Europe's largest export market, dominant source of risk capital, and primary provider of military capabilities. Consequently, the strategic implication is that Europe must prioritize building greater self-sufficiency and achieving genuine strategic autonomy to insulate itself from potential geopolitical shocks emanating from Washington.
中文摘要
本文論述，由於美國政策的波動性（例如潛在的關稅徵收或撤軍威脅），歐洲領導人必須緊急減少其經濟和軍事對美國的依賴。這種依賴的根源在於美國既是歐洲最大的出口市場、主要的風險資本來源，也是軍事能力的主要提供者。因此，戰略意涵是，歐洲必須將優先順序放在建立更高的自給自足能力，並實現真正的戰略自主性，以保護自身免受來自華盛頓潛在的地緣政治衝擊。
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