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The Latest Breaking News from Larry Summers

‘We may be looking at the end of capitalism’: One of the world’s oldest and largest investment banks warns ‘Greedflation’ has gone too far

Albert Edwards, an economist at the 159-year-old investment bank Société Générale, says corporate greed may call for the unthinkable: Price controls.

Fortune

The Fed Struggling With Building Renovations Amid Rise Of Inflation

Rise in interest rates as the central bank depends on tax dollars for maintaining building and infrastructure.

Zenger

An economist who correctly predicted the Great Financial Crisis says the world’s central banks have chosen ‘class war over financial stability'

The Fed and other central banks want to bring down inflation at all costs. Is it worth it?

Fortune

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SVB's collapse could lead to 'contagion' among regional banks—but experts say it's not a systemic risk to the entire financial system

“We do not believe there is contagion risk for the rest of the banking sector on the heels of SVB's struggles,” David Trainer, CEO of the investment research firm New Constructs, told Fortune.

Fortune

Larry Summers says lower spending spells out a recession

A recession is still more likely than not, and it may have to do with how much Americans are spending, the former treasury secretary says.

Fortune

Larry Summers warns now is not the time for investor ‘euphoria’—markets are headed for a ‘turbulent period’

“I think the consensus has become substantially too complacent about inflation,” the former Treasury Secretary told Bloomberg Friday.

Fortune

Larry Summers compares the Fed's inflation fight to taking a medicine to fight an 'infection'—and says the 'risks are very large' that the economy tips into a recession

Former Treasury Secretary sees a soft landing as a possibility, but the risk of a recession still remains very high.

Fortune

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Larry Summers says the economy could be headed towards a 'Wile E. Coyote moment'

The Harvard economist warns the economy could walk "off a ledge" sometime this year. “I’m not predicting with confidence that that will happen, but I think the risks are significantly elevated.”

Fortune

'It really disturbs me to say this, but I think I agree with Larry.' Paul Krugman sides with frenemy Larry Summers on inflation fight.

Both economists think the U.S. Federal Reserve is just as likely to overestimate inflation as underestimate it.

Fortune

Top economist Mohamed El-Erian says the Fed has a small ‘window’ to reduce inflation after missing hard on other opportunities

He said the Fed already missed two opportunities to curb inflation—once in 2021 and then again in 2022.

Fortune

A soft landing is playing out–but optimism needs to be for the right reasons

Against the odds, the U.S. economy is moving towards a soft landing, according to BCG's top economists.

Fortune

Some of the world's top economists have weighed in on Argentina and Brazil's plan for a common currency: 'This is insane'

Economists don't see Brazil and Argentina's common currency idea panning out.

Fortune

Top economist Mohamed El-Erian sees inflation getting 'sticky' at 4%—and a growing chorus sees the dawn of a new world in investing

At the World Economic Forum in Davos, the world’s business leaders fretted over the possibility that inflation won’t fall back to central banks’ targets.

Fortune

Larry Summers says the economy is looking good—but a potential pitfall for the Fed could still be the 'greatest tragedy'

It's been all good economic news in recent weeks, but the former Treasury secretary warns the final stretch to fight inflation might be the hardest.

Fortune

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The Guardian - UK

IMF chief says global economic outlook ‘less bad’ than feared

Kristalina Georgieva hints growth forecast could be upgraded thanks to retreating inflation, but warns against overoptimism

Fortune

Even Larry Summers thinks we might avoid a recession after months of gloomy predictions: 'Soft landings are a triumph of hope over experience, but sometimes hope does triumph'

Former Treasury Secretary Larry Summers said in September that there was a 75% chance of a U.S. recession. But after the latest inflation data, he says he's a little more hopeful.

Fortune

'Be careful of false dawns': Former Treasury Secretary Larry Summers warns a recession is still 'more likely than not'

Summers said inflation is still “inconceivably high," but acknowledged that recent trends show the Fed’s inflation-fighting campaign is “closer to being done.”

Fortune

What is ‘supercore’ inflation? Economists are obsessing over a narrow slice of price data

Economists think excluding sectors like housing gives a better idea of what’s really happening with inflation.

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Fortune

Bond King Bill Gross says the Fed has already reached optimal level of interest rates

The man who revolutionized the bond market says the Fed should pay more attention to the mountains of debt circulating in the U.S.

Fortune

Billionaire David Rubenstein says inflation won’t fall significantly until the unemployment rate is almost double what it is now

“The Fed cannot say publicly what I can say, and what others have said, which is that until we get unemployment to about 6%, we’re not likely to get inflation down appreciably,” he said.

Fortune

Former FTX users say the failed crypto exchange was a 'Ponzi scheme.' Here's how Ponzis work

SBF, as Bankman-Fried was often called, says he didn’t commit fraud. But bankruptcy specialists say the findings so far are ‘pretty devastating.’

Fortune

Pausing interest rate hikes would be the Fed’s ‘worst mistake,’ Citadel’s Griffin says

Despite recession fears and inflation seemingly receding, Griffin says the Federal Reserve should stay the course with interest rate hikes.

Fortune

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

People charmed by FTX CEO Sam Bankman-Fried will be 'looking and feeling fairly silly,' Larry Summers warns of crypto crackdown

The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."

Fortune

‘It’s very possible we are peaking’: IMF managing director says global inflation could soon be going down, while economist Paul Krugman says in the U.S. it might already be at 4%

Declines in rental prices and slowing wage growth could mean inflation is past its peak, but not everyone agrees.

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