GZERO World Clips
Think buying American will help ease inflation? Larry Summers says it won’t
Think Buying American Will Help Ease Inflation? Larry Summers Says It Won’t | GZERO World
November 18, 2021
Many Americans believe the best way to fight rising prices is to purchase US-made goods, in theory, less affected by COVID-fueled disruptions to global supply chains.
For former US treasury secretary Larry Summers, they're wrong.
"I think the right thing to do is to buy cheap and buy inexpensive."
When Americans decide to buy more expensive US-made products, he says that contributes to driving up prices even more, and to what he calls an "inflationary psychology" that only makes the problem worse.
Tariffs from the trade war with China, Summers clarifies, are indeed costing American jobs, but at the end of the day it's a negotiation — and playing hardball with the Chinese has definitely not helped with inflation.
Watch this clip from his interview with Ian Bremmer on the upcoming episode of GZERO World.
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
- The Graphic Truth: 50 years of US inflation vs interest rates - GZERO ... ›
- Record US inflation levels worsen Americans' view of the economy ... ›
- Inflation panicking is 1970s hangover, says economic historian ... ›
- How long will COVID-fueled inflation last? - GZERO Media ›
- Podcast: Inflation nation: How Larry Summers predicted skyrocketing prices in the US - GZERO Media ›
- Inflation nation: What’s driving US prices higher? - GZERO Media ›
- Larry Summers: Rising inflation makes society feel "out of control” - GZERO Media ›
- Larry Summers' view: What caused US inflation and how to slow it down - GZERO Media ›
More For You
- YouTube
In this "ask ian," Ian Bremmer breaks down the rapidly unraveling situation following the US announcement of “Project Freedom” and why tensions with Iran are escalating again.
Most Popular
Participants and protesters hold posters opposing Japan’s Prime Minister Sanae Takaichi's administration and her policies on constitutional revision and military expansion during a Constitution Memorial Day rally in Tokyo, Japan, May 3, 2026.
REUTERS/Issei Kato.
Will Japan rewrite its rules of war? Europe meets (again) to shape its own defense destiny, US to “guide” ships through Hormuz
Putin is increasingly paranoid, according to a Financial Times report out today. Security has been tightened, more time is being spent in underground bunkers, and the vast majority of his attention is being absorbed by Russia’s war with Ukraine. One reason of his concern is said to be Ukraine’s drone capabilities, which have demonstrated an ability to strike Russian airfields thousands of miles from Kyiv.
- YouTube
There are signs AI could ripple through the economy much faster than past innovations. At the 2026 World Bank/IMF Spring Meetings, GZERO’s Tony Maciulis asked Microsoft's Vickie Robinson what it will take to prepare economies for the age of AI and how quickly it needs to happen.
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.