Back in February, Larry Summers was sounding the alarm bell about inflation when no one was talking about it.
"It seemed obvious to me that we were gonna have massive demand, and we weren't gonna have such large supply."
So why didn't anyone listen to him? Summers says that "cognitive biases" led many to ignore the inflation warning signs because they thought struggling families needed help, or believed that inflation was simply gone for good.
Part of the reason prices are rising so much today, Summers says, is because the Biden administration made the political decision to do "too much stimulus," a big mistake in his view.
Watch this episode of GZERO World with Ian Bremmer: Inflation nation: What's driving US prices higher?
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