Former Obama economic adviser Larry Summers finally acknowledged the truth about inflation in a recent CNN interview.
“Given that you were primarily concerned about this, and given that now that you’ve told all these leaders that this year is going to be, maybe even more has passed, right, at that point, it’s temporary. How long do you think inflation will go up? ”asked CNN remote host Erin Burnett.
“I think the probability is that we haven’t seen inflation in 30 years, unless the Russian Federation takes a major step in monetary policy, or until there is an accident that disrupts the economy,” he said. “We’re benefiting from economic growth,” Summers said.
“I think it’s possible, but it’s not unlikely that inflation will return to the normal level of 2 percent without significant changes in the current way – we are now ahead. I think the RF is in a way to double interest rates. The huge fiscal policy we had at the beginning of the year made a serious mistake with the really easy monetary policy. “
Burnett went on to ask: “Obviously they didn’t point to your point that they’re going to go – they see any mistake they made. But if they turn around now and say, really, wait. Sorry, we’re going to raise the percentage. percentages start. Is it too low, too late?
“I think it would be helpful if they could start buying mortgages right away in the middle of a bubble in housing,” Summers said.
“I think if they say they’re going to stop growing their balance and not reduce their balance, they’re just going to stop the process of increasing it – if they’re going to do that in three months, not eight months, that would be it. useful. If they indicate that prices are likely to rise and see the main problem as overheating, I think it will be useful, ”he said.
When even CNN is forced to admit the truth, you know you’re in trouble.
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https://smartzune.com/uh-oh-top-obama-economist-admits-the-damning-truth-about-inflation-under-biden/ | UH OH: The best economist Obama acknowledges the horrible truth about inflation during the Biden era