Inflation Nation: How Larry Summers Predicted Skyrocketing Prices in the US

GZERO World with Ian Bremmer

GZERO Media

International Relations, Government, Foreign Policy, Gzero World, News Commentary, Trump, News, Global Economy, Geopolitics, Politics, Ian Bremmer

4.6 • 684 Ratings

🗓️ 21 November 2021

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

As the holiday shopping season gets underway, consumers are facing empty shelves and sky-high prices. What explains the supply chain crunch and how is it related to the highest levels of inflation in the US in 30 years? On the GZERO World podcast, Ian Bremmer is joined by economist Larry Summers, who served as the Treasury Secretary under President Clinton and as the Director of the National Economic Council under Barack Obama.

Transcript

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0:00.0	A society where inflation is accelerating is a society that feels out of control.
0:08.1	Hello and welcome to the GZero World Podcasts, where you'll find extended versions of my interviews on public television.
0:15.8	I'm Ian Bremmer. And this week, just days before the annual American retail riot, also known as Black Friday,
0:23.4	we dive deep into the global supply chain crisis.
0:27.0	How did this network of manufacturing trade and logistics hit such an enormous speed bump
0:32.1	and how long will our global shortages last?
0:35.5	I'm joined by economist and former Treasury Secretary Larry Summers.
0:39.9	Try to find the light at the end of this backed up tunnel.
0:49.1	The G0 World podcast is brought to you by our founding sponsor, First Republic.
0:54.8	First Republic, a private bank and wealth management company, understands the value of service,
1:00.2	safety, and stability in today's uncertain world.
1:04.1	Visit FirstRepublic.com to learn more.
1:07.4	This podcast is also brought to you by Walmart.
1:10.8	Walmart is committed to supporting jobs in the communities we serve.
1:14.6	That's why we're investing in additional $350 billion in products made, grown, or assembled in the United States, supporting 750,000 new jobs.
1:25.7	Learn more at walmart.com slash America.
1:37.1	Larry Summers, good to see you, man. Good to see you, my friend. So let me start off with
1:42.8	this big inflation thing. I remember when you came out at the
1:46.1	beginning of the Biden administration and you said, my God, inflation is going to be a very serious
1:52.9	worry. And I mean, not only did the journalists pile on on you, but like the White House piled on on you.
2:01.5	And now here we are and we have the highest levels of inflation in 30 years.
2:05.6	So what did you see that they did not?
	...

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