BlockBeats News, August 26th: Former US Treasury Secretary Larry Summers stated that the political pressure and personal attacks against Federal Reserve Governor Lisa Cook are "unprecedented," and anyone concerned about the independence of US institutions should be vigilant.
Summers warned that this pressure will have a progressive corroding effect on the market framework and may even lead to what he calls the American "Argentinization" risk. Note: "Argentinization" refers to economic turmoil caused by populist policies and political interference, characterized by high inflation, currency devaluation, and institutional failure, similar to the economic crises in Argentina in the 1950s-1980s.
Summers has been a sharp critic of the Trump administration's policies. He criticized the recently passed "Build Back Better Act," pointing out that the legislation could lead to another financial crisis by increasing debt obligations. He also condemned current Treasury Secretary Yellen's public intervention in interest rate policy but appreciated Powell's response. (FXStreet)
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