“Now, the Biden administration is more likely to approvingly blast out an email with the latest Paul Krugman column than the latest Summers one (Krugman, notably, did not outright dismiss inflation fears in his column today). While senior Biden officials like Brian Deese and Gene Sperling are colleagues and friends with Summers, the administration is also chock-full of Summers critics – economists who believe that decades of Democratic economic policy that failed to address wage stagnation, outsourcing and rising inequality led to the rise of Donald Trump.”
USAGOLD note: Summers split with the Biden administration on economic policy is the subject of much interest, but it hasn’t slowed the progress of MMT crowd and ultra-left economic policy. Biden seems all too willing to concede economic policy to that wing of the party and that is good argument for owning gold and silver. A former staffer with Elizabeth Warren tweeted recently: “I can’t remember the last President who so clearly and unequivocally embraced full employment as their economic goal.” The Fed, as far as we can gather, is steadfastly on the same page, despite all the hand-wringing on Wall Street about tapering.
Image: From left – Joe Biden, Barack Obama, Peter Orszag, Rahm Emanuel and Larry Summers at the White House.