Larry Summers is calling Donald Trump ‘the most dangerous presidential candidate to appear in his lifetime.’ If Trump is elected, he says, a protracted recession will begin within 18 months. The damage, according to Summers, would extend far beyond US borders in a global economic catastrophe that would take decades to recover from.
The Trump risk, he goes on to say, is real, and he says that he’s dumbfounded why the American and global markets don’t see what he foresees.
Larry Summers is an American economist, a Professor at Harvard University, and President Emeritus. He was born in New Haven, CT. He became an economics professor at Harvard in 1983.
At present, the US stock market is languishing just beneath its all-time record low- that is to say AT it’s all time record low. But if you ask Summers, a continuation of the Obama Administration policies that another Clinton administration would represent would bring us out of this all-time low. A Trump administration- according to him- would sink the US and global economy forever, somehow.
Summers railed against Trump’s “erratic” foreign economic policies. He called Trump’s authoritarian flourishes and unpredictability a danger to businesses around the world and a major drain on investor confidence. To boot, Summers added that tax cuts proposed by the Republican candidate would stymie US trade globally and cause the economy to tank.
Aside to the fact that Summers is the only Democrat crying wolf over Trump’s economic proposals may be telling. Considering the fact that so many high-powered people have an interest in levying criticism against Donald Trump, the question arises- why is he such a lonely voice?
Surely, if Hillary Clinton herself could coax her speech writers to be as persuasive as Summers, she would do so. But we haven’t heard anything from her with any of the pretense of authority against Trump’s ideas that Summers has.
It could be that what we’re dealing with here is a master of economic jargon using his knowledge of economics to dishonestly push a leftist agenda, or that he’s the only one who’s right and every other economist in the world is wrong.
It wouldn’t be the first time we’ve seen economists try to foist their own interests on the world through self-seeking speculation. After the crash of ‘08, many commentators and officials were ready to seize the assets of irresponsible speculators who, it seemed, were wagging the dog with their wild predictions.
The coarse-grained criticism of Trump from Summers might just be more political maneuvering. The Harvard economist, it bears saying, is a Democrat who served under President Bill Clinton as well as President Barack Obama. He was Clinton’s Treasury Secretary.
But Summers is not the first to ring the alarm bell that a Trump’s economic policies would be damaging to the economy. Top Republican business executives such as Meg Whitman and Mitt Romney have also raised concerned eyebrows at the candidate.
But we know that the GOP has been just as vehemently anti-Trump as the left has been. Both sides have engaged in open voting fraud and been shamelessly forthright about their attempts to short-circuit the democratic process.
Summers contends that the “Trump risk” is even more threatening than the “Brexit risk,” and we’re glad that he brought it up because there are some valuable parallels between Trump’s candidacy and the Brexit vote. The Brexit vote was a referendum between England and the EU where England voted to leave the EU and regain its ability to self-govern.
EU officials warned that there would be frightening economic consequences, and they also called those pushing to leave regressive, racist, separatists.
That’s right, they used all the same fear tactics and name calling that the news media and the left are using against Trump supporters, and the parallels don’t stop there. But what’s most interesting is that the English economy has actually improved since the vote to leave the EU went through.
In many polls, when voters are asked who they feel is most able to handle the economy, Trump’s numbers are handily outstripping Clinton’s.
Recently, America’s leading economic policymaker- Janet Yellen- was asked if she was worried that President Trump would trigger a global crash. Yellen surprisingly declined to comment, and we can’t help but wonder why the former Clinton staffer would dismiss an opportunity to sling some mud.
Summers writes, “If Trump does just half of what he promises, he would almost certainly set off the biggest and most damaging trade war we’ve seen since the Great Depression.”
While that is a terrifying notion, we think we’ve heard this kind of fear mongering before, and this is one dog that isn’t going to be wagged again.
Regards,
Ethan Warrick
Editor
Wealth Authority
