☰
HomeLiving Beyond BordersGZERO WorldSignalIn 60 SecondsPuppet RegimeGZERO World PodcastContact UsAbout UsCareersPrivacy PolicyTerms

Larry Summers: Rising inflation makes society feel "out of control”

November 26, 2021
GZERO Staff
Larry Summers: Rising Inflation Makes Society Feel "Out of Control” | GZERO World

youtu.be

The economic consequences of high inflation are already bad enough.

But for Larry Summers, sometimes the psychological trauma that comes with it can do even more damage to a society.

"A society where inflation is accelerating is a society that feels out of control."

When wages rise at the same rate as prices do, he says, they feel like inflation is robbing them of the fruits of their labor — even if rising prices is the main reason people are getting a raise in the first place.

"We all tend to internalize the good and externalize the bad."

To deal with inflation, the former US treasury secretary says the Federal Reserve must admit it misjudged the problem, and for President Joe Biden to acknowledge that too when he nominates people to the Fed board.

Watch this episode of GZERO World with Ian Bremmer: Inflation nation: What's driving US prices higher?

Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY

From Your Site Articles

More from GZERO Media

What We’re Watching: Budapest Pride parade, Rwanda and DRC peace agreement, SCOTUS ruling on Trump’s executive power

A woman lights a cigarette placed in a placard depicting Hungary's Prime Minister Viktor Orbán, during a demonstration, after the Hungarian parliament passed a law that bans LGBTQ+ communities from holding the annual Pride march and allows a broader constraint on freedom of assembly, in Budapest, Hungary, on March 25, 2025.
REUTERS/Marton Monus

Hungary’s capital will proceed with Saturday’s Pride parade celebrating the LGBTQ+ community, despite the rightwing national government’s recent ban on the event.

Where we get our news - and why it changes everything

American President Donald Trump's X Page is seen displayed on a smartphone with a Tiktok logo in the background
Avishek Das / SOPA Images via Reuters Connect

In August 1991, a handful of high-ranking Soviet officials launched a military coup to halt what they believed (correctly) was the steady disintegration of the Soviet Union. Their first step was to seize control of the flow of information across the USSR by ordering state television to begin broadcasting a Bolshoi Theatre production ofSwan Lake on a continuous loop until further notice.

Where middle class growth and small business meet

Small businesses are more than just corner shops and local services. They’re a driving force of economic growth, making up 90% of all businesses globally. As the global middle class rapidly expands, new opportunities are emerging for entrepreneurs to launch and grow small businesses.

Three takeaways from the NATO summit

U.S. President Donald Trump, German Chancellor Friedrich Merz and NATO Secretary General Mark Rutte at a NATO leaders summit in The Hague, Netherlands June 25, 2025.
REUTERS

The two-day NATO summit at the Hague wrapped on Wednesday. The top line? At an event noticeably scripted to heap flattery on Donald Trump, alliance members agreed to the US president’s demand they boost military spending to 5% of GDP over the next decade.

About UsCareers PressContact Us Privacy PolicyTerms of Use
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.