Former Obama Adviser Sounds Alarm on Inflation

Larry Summers, who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama, warned during multiple interviews this week that inflation is even worse than he suggested it might be when he commented on the matter earlier this year.

Speaking to a virtual conference organized by the Institute of International Finance, Summers also warned that woke bankers were an issue because they are focusing on the wrong thing.

“We have a generation of central bankers who are defining themselves by their wokeness,” Summers said. “They’re defining themselves by how socially concerned they are.”

Summers, who is now a professor at Harvard, warned that “we’re in more danger than we’ve been during my career of losing control of inflation in the U.S.”

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