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.
Challenges When Collaborating with China on Space Research and Technology: Common Practices and Risks
English Summary
The RAND report warns that space sector collaborations with China often result in asymmetric outcomes that favor Beijing's national interests. Key risks include financing conditional on using Chinese vendors, the cession of intellectual property and data control, and the potential for data processing to route through Chinese state-operated facilities. These risks extend beyond economic concerns, encompassing espionage, technology theft, and the manipulation of dual-use space systems. Policymakers must therefore implement rigorous due diligence, comprehensive legal reviews, and robust cybersecurity safeguards for all space-related activities involving China.
中文摘要
蘭德報告警告稱，與中國的太空領域合作往往會產生偏向北京國家利益的不對稱結果。主要風險包括：資金提供與使用中國供應商掛鉤、知識產權和數據控制權的讓渡，以及數據處理可能經由中國國家營運設施轉輸。這些風險不僅限於經濟層面，更涵蓋了間諜活動、技術竊取，以及雙用途太空系統被操縱的潛在風險。因此，政策制定者必須對所有涉及中國的太空相關活動實施嚴格的盡職調查、全面的法律審查和強健的網路安全保障。
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