Summers: 6% Unemployment Most Likely Needed for 2% Inflation

Former US Treasury Secretary Larry Summers on the August jobs report, the decline of globalization, and whispers of China's decline.
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[darrrichardson]

Recession is currently the "most likely" economic situation. I've been attempting to grow my $160k portfolio for a while now. I've heard of people making hundreds of thousands of dollars during these moments, but my biggest challenge is not knowing whether to sell or hold. It would be great to know how to take advantage of these downtrends. Any recommendations would be greatly valued.

[alfredleo]

Hello, Last night CNBC NEW was talking about how investors make people as millions. Do possibly have a list of the Green cryptos, I have XRP, ALGO, XLM, DAG and VRA (by the way what do you think of VRA and its utility use) I also have some BTC and ETH...

[Falconlibrary]

That was a whole lot of words for "You 'bout to lose your job" from Larry Summers.

[unrivaledinvesting]

Nice video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do?

[dannypowers]

Just remove the 9 trillion dollars on the Fed's balance sheet. That will get inflation down asap.

[DavidGatto]

The other solution would be to increase taxes, on everybody in Larry Summers tax bracket. Taxes reduce demand, then he would buy less $400.00 shirts, and cancel that month-long vacation to the Bahamas.

[mack-uvgn]

It’s real easy for Larry and others like him to talk so easily about people need to lose their jobs so that prices will be cheaper for him to purchase goods. Larry is worth 30 million plus by the way.

[conradgonzalez]

More than anything else we need lower energy prices!!! We also need the contrived, manufactured supply chain breakdowns to end. Namely the exploitation of truck drivers which causes truck driver to quit and walk away from their profession altogether. Put ALL truck drivers back on the 40 hour work week!!! The rail road unions have been working without a contract for years!!! Fix it!!! The distribution breakdowns are causing shortages which is causing prices increases!!! We do not need higher interest rate!!! We do not need higher unemployment!!!! Fix the distribution breakdowns!!! Bring energy prices down!!! End the Ukraine War!!!

[kewandr]

Stock /Crypto is the best investment anyone could get into. As it could make you rich in a short period of time by exercising some patience.

[libertysprings]

Not sure how they expect more people to work when our public transportation and bicycle paths are non-existent (they have those in Europe). Why work for $10 an hour and spend it all on car, insurance, fuel, maintenance etc

[jlvandat]

I'm a perpetual optimist but share Mr. Summers concern regarding China. History shows (and Putin proved it again) that as an empire descends steeply the likelihood of reckless expansion efforts increases proportionately (think: Taiwan). I'm watching close, as many are.

[irishcherokee]

Not good paying manufacturing jobs. Many low wage service sector jobs.

[jacquelinemiguez]

Larry as always very honest no matter what others say

[alberts]

In my view the inflation should Just be taxed out. Just increase taxes while leaving spending as will allow the reduction in purschasing power to be directed at the people able to bare the pain.

[allenaxp]

He may look like an idiot and talk like an idiot but don't let that fool you. He really is an idiot.” ― Groucho Marx

[gerhard]

Perhaps after covid more people will come to see the unemployed as beneficial to the economy?

[manraj.nijjar]

Is the Phillips Curve still relevant today?

[ledokol]

Praying Mr Powell will be the one losing his job

[unctdawmain]

Maybe the Fed Reserve needs to stop printing excess money for Biden.

[serenitycoastUK]

more people jobs more use 80s metrics and see the 20%+ real unemployment rates. count those not in work as unemployed