Cato Event Podcast

Trust and reputation are central to the operation of capital markets. But in our generation, reputational mechanisms are failing; and when they fail, markets and societies are also at risk of failure. The usual response has been to call for more aggressive regulation, yet this only worsens the problem, as Jonathan Macey shows in his new book. There, he demonstrates how and why poorly considered regulation has undermined traditional trust mechanisms throughout financial institutions, credit rating agencies, and accounting and law firms. Please join us for a discussion of these issues, including a better path to restoring trust and integrity. Hosted on Acast. See acast.com/privacy for more information.

As the United States continues its use of drone technology overseas, the potential for increased domestic drone use has also begun to raise serious concerns. Sen. Rand Paul's (R-KY) recent filibuster on the topic brought widespread public attention to the issue and lawmakers are now beginning to ask important questions; namely, is use of this technology for surveillance appropriate and, if so, what risks will a drone program pose to civil liberties and individual privacy? What are the appropriate legal limits on overseas use, and are those limits being followed? Please join Cato Institute scholars Ben Friedman and Julian Sanchez, and journalist Spencer Ackerman, as they examine the current state of U.S. drone policy at home and overseas, whether this technology is good for the country, and what the future looks like for drone use. Hosted on Acast. See acast.com/privacy for more information.

A century after the creation of the Federal Reserve and two generations after Congress gave the Fed a dual mandate for price stability and full employment, the Fed's extraordinary actions since 2008 have raised questions about the appropriate role for the Fed and the monetary policy that the Fed should pursue to ensure a strong U.S. economy throughout the 21st century. Rep. Kevin Brady (R-TX), chairman of Congress's Joint Economic Committee, is at the forefront of this debate. He will be discussing his proposals both for monetary reform (Sound Dollar Act) and for a bipartisan Centennial Monetary Commission to review the Fed's performance and make recommendations for its role in the future. Hosted on Acast. See acast.com/privacy for more information.

Join us for a non-technical primer on risk and cost-benefit analysis with applications to policies ranging from homeland security to climate change. Our panel will consider key issues as probability neglect, cost neglect, and acceptable risk. In general, the place to begin is not with the perennial question, “Are we safer?” but rather with the rarely asked, “How safe are we?” Increases in domestic homeland security spending since 9/11 exceed $1 trillion. How many post-9/11 security programs reduce risk enough to justify their cost? Panelists John Mueller and Mark Stewart are the authors of Terror, Security, and Money (Oxford University Press, 2011). Hosted on Acast. See acast.com/privacy for more information.

The OPEC cartel has been the key actor in world crude oil markets for four decades and counting. Even so, there is a surprising amount of disagreement about the nature of OPEC’s influence on oil markets.In a new study published by Securing America’s Future Energy (SAFE), authors Andrew Morriss and Roger Meiners survey the academic literature and conclude that OPEC is an unstable cartel that has, at times, been effective in significantly increasing the price of oil. When the cartel has failed in this exercise, however, the price of oil has collapsed, possibly lower than would have been the case were the market not subject to cartelization. Morriss and Meiners believe that much of the volatility that characterizes world crude oil markets can be laid at the cartel’s doorstep and, as a consequence, “the international market for oil is not a free market.” Fred Smith will discuss the policy implications of Morriss and Meiners’ findings. James Smith, who has written extensively on the OPEC cartel, will comment. Hosted on Acast. See acast.com/privacy for more information.

This book reviews nine Supreme Court cases and decisions that dealt with monetary laws, together with a summary history of monetary events and policies — notably, the gold standard and the Federal Reserve System — as they were affected by the Court’s decisions. Several cases and decisions had notable consequences for the monetary history of the United States, and some were blatant misjudgements stimulated by political pressures. The cases included in this book begin with McCulloch v. Maryland (1819) and end with the Gold Clause Cases (1934–35). Those decisions remain in force today. The final chapter describes the adjustments necessary to return to a gold standard and briefly examines other monetary arrangements that would be consistent with the Framers’ Constitution. Hosted on Acast. See acast.com/privacy for more information.

How does the Gang of Eight immigration bill reform guest worker visas? How will those reforms affect the rest of the immigration system? How else can guest worker visas be tweaked to improve the outcomes? These vital questions must be answered so that the guest worker visa program provides the maximum benefit to the American economy. A robust and large guest worker visa program will accomplish two goals. First, it will channel healthy and peaceful people into sectors of the U.S. economy that demand their skills. Second, it will reduce the pressure of immigrants seeking to enter illegally and focus border security on security and health threats. The complexities of the guest worker visa, including its good points and its shortcomings, will be examined in detail. Hosted on Acast. See acast.com/privacy for more information.

With what appears to be a never-ending fiscal crisis in Europe, it would be tempting to conclude that every country in Europe is at the risk of impending failure. Such a conclusion would be false. In the middle of Europe lies one country, Switzerland, where moderate taxes and regulation have not strangled innovation. R. James Breiding, author of Swiss Made: The Untold Story behind Switzerland’s Success, will describe the institutions and characteristics that have made the Swiss economy a success. Our panel will also examine what lessons the Swiss model offers for the rest of Europe. Hosted on Acast. See acast.com/privacy for more information.

On February 4, 2013, NBC News obtained a confidential Justice Department white paper detailing the Obama administration’s legal justification for the targeted killing of American citizens abroad. The leak called attention to a discernible shift in the “War on Terror” and how America wages it. The U.S. government has yet to disclose the number of drone strikes launched, the number of people killed, and the full scope of collateral damage. How does the U.S. government determine who is a legitimate target and who poses an immediate threat? What are the constitutional issues surrounding targeted killings, given their secrecy and the lack of reliable data? What standards do decision makers apply for deciding if the costs outweigh the benefits in a given country? What are the practical issues of such highly classified programs in an age of worldwide, and seemingly perpetual, war? Join us for what should be a fascinating discussion on a highly important topic. Hosted on Acast. See acast.com/privacy for more information.

In At the Brink, economist John Lott argues that the Obama administration’s policies are destroying what has been a health care system that has been the envy of the world. Furthermore, Obama inherited a severe recession, but the spectacular “stimulus” spending with which Obama launched his presidency not only has failed to help the economy—it has poisoned it, slowing the recovery. His positions on regulations and taxes have also harmed the economy.But the Obama administration’s legacy isn’t just going to be on health care and the economy, Lott says. For example, another long-lasting legacy will be on people’s ability to defend themselves with guns. The administration’s appointments to the courts, as well as federal actions and its unprecedented push for states to adopt gun control, will reduce gun ownership and endanger lives. Join us for a spirited critique of President Obama and his policies. Hosted on Acast. See acast.com/privacy for more information.