Ex-Obama Advisor Larry Summers Rips Modern Monetary Theory as Dangerous

Larry Summers

It is not often that I find it worthwhile to highlight the commentary of the Keynesian, former Treasury Secretary Larry Summers, but he is spot on when it comes to Modern Monetary Theory.


“This Modern Monetary Theory, where we can guarantee jobs for everybody or have Medicare for all and just rely on money printing to finance it, I think that is quite a dangerous approach,” Summers said this past week during an interview on CNBC. “I don‘t think this is a realistic calculus.”

“Countries all over South America have tried it with disastrous results,” he said.

-RW