If the "boss" likes him, it does not matter what is he saying. Maybe he is saying stuff like that simply because he already knows who will be the next chairman
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"QE in my view is less efficacious for the real economy than most people suppose," may just be the sentence that ends Larry Summers' run at becoming the next 'most powerful person in the world'. As the FT reports, the chubby ex-chief economist for Obama made these, and other, somewhat hawkish comments (entirely unacceptable for a Federal Reserve chairman) at a conference in Santa Monica in April.
In his remarks, Summers said it was likely either the economy would accelerate, or else estimates of its growth potential would have to come down: "I think the market is underestimating the pace at which the Fed will alter its current course and the consequences of that for interest rates."
Mr Summers clearly believes fiscal policy is a more effective tool than monetary policy, admitting, "more of what will determine things going forward will have to do with fiscal policy and that there is less efficacy from quantitative easing than is supposed." That will never do...
Via FT,
Hhhm - we are not so sure of that masterpiece of deductive reasoning.
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