On Tuesday of this week in a post written at The Washington Post, the former Treasury Secretary and wannabe Fed chairman called for a less aggressive Federal Reserve interest rate hike policy and a higher price inflation target:
[T]he Federal Reserve should have signaled a desire to exceed its 2 percent inflation target during periods of protracted recovery and low unemployment, and in this context to signal that a rate increase was off the table for September and quite likely the rest of the year.
Of course, if the Federal Reserve were to adopt such a policy, and they are really not that far away from it, it would result in more upward pressure on prices and a further expansion of the current manipulated boom. This will not end well. Summers wants to make the ending worse.
But, hey, Stephanie Kelton, of the crazed MMT school and former economic adviser to Bernie Sanders 2016, seems to give it a thumbs up:
*Must read* https://t.co/WbiV2gLeQ4— Stephanie Kelton (@StephanieKelton) September 6, 2016