Larry Summers

Weekend Reading: Ignorance Is No Excuse

The “tax bill cometh.” According to the press, this is going to be the single biggest factor to jump-starting economic growth since the invention of the wheel... but “ignorance is no excuse.”

This Is The "Dilemma From Hell Facing CBs"

The dilemma from hell facing CBs: If they remove liquidity and try to raise cost of capital, neither demand for nor supply of capital would be able to endure flattening yield curves. On the other hand, the longer CBs persist with current policies, the more disinflationary pressures are likely to strengthen.

Chris Hedges: Elites "Have No Credibility Left"

"...commercial broadcast networks, like CNN and MSNBC, are not in the business of journalism. They hardly do any. Their celebrity correspondents are courtiers to the elite...They sacrifice journalism and truth for ratings and profit... they've embraced identity politics. We saw where that got us with Barack Obama, which is worse than nowhere..."

Is Kevin Warsh The Ultimate Chicken-Hawk? (And Why Gold $1275 Will Hold)

"The current front-runner for the next Fed Chair is Kevin Warsh, who seems to have all the prerequisites that Trump idolizes. He’s connected. He’s not an academic. He has conservative leanings. But most important, he’s rich. I mean really rich. You see, Kevin married the granddaughter of the founder of the Estee Lauder company..."

Albert Edwards "Fed Is A Slave To The S&P 500": Would Kevin Warsh Change That?

"Rather than admitting they are wrong, this groupthink of academics led by Larry Summers - who failed to predict the current economic malaise - have constructed this theory to explain why ever more stimulus is required... In particular, Warsh warned that the Fed had become the slave of the S&P."

The Real Story Behind America's New $20 Trillion Debt

"The national debt is now $20.1 trillion. That’s larger than the size of the entire US economy... but, the real story isn’t the number or the size of the debt itself. It’s the trend. And it’s not good."

Goldman Interviews Former Head Of The Plunge Protection Team

"Purchasing a wider set of assets—as do some other central banks—might enable the Fed to have a larger effect on financial conditions and promote faster recoveries. But it would also involve putting more taxpayer money at risk and having an imprint on a wider set of risk premiums in the market."