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Financial Times/James Politi/5-18-2021
“Summers said monetary and fiscal policymakers had ‘underestimated the risks, very substantially, both to financial stability as well as to conventional inflation of protracted extremely low interest rates.’”
USAGOLD note: As we remarked about a week ago, Summers is off the Democrat reservation on economic policy. With these criticisms, he ups the ante and becomes the Biden administration’s biggest critic. Leaving aside his Democrat credentials, his strident warnings are something to consider given his prior service as an economic advisor to presidents and a former Secretary of the Treasury. He foresees real damage to financial stability once the Fed is forced to abandon its current easy money policies.
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