Bloomberg/Stephanie Flanders and Michael Sasso/12-23-2021

“Economically at least, this holiday season feels a bit more like it belongs to Ebenezer Scrooge than Santa Claus. Amid a resurgent pandemic, there are shortages at the grocery store and the highest inflation in almost 40 years.”

USAGOLD note: In this video interview, former Treasury Secretary Summers, the leading apostle of secular stagnation, warns that “we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.” And, we might add, it will be a challenge for the Fed to reduce the risk of recession without fueling inflation.