Larry Summers on Sanctions: “The West Has Cowered and Dithered” | Amanpour and Company
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- čas přidán 4. 04. 2022
- Amid inflation, the war in Ukraine, and a lingering pandemic, economists are warning of an impending recession. To explain, former Treasury Secretary Lawrence Summers speaks with Walter Isaacson about the global economy and where matters might go from here.
Originally aired on April 5, 2022
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Amanpour and Company features wide-ranging, in-depth conversations with global thought leaders and cultural influencers on the issues and trends impacting the world each day, from politics, business and technology to arts, science and sports. Christiane Amanpour leads the conversation on global and domestic news from London with contributions by prominent journalists Walter Isaacson, Michel Martin, Alicia Menendez and Hari Sreenivasan from the Tisch WNET Studios at Lincoln Center in New York City.
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Tax the billionaires!
Our problem is getting congress to change Trumps tax credit
No our problem is to stop them from padding more expenses onto the bills that they pass and government does not need to be as big as it is. As far as climate change goes, Russia and China are a huge problem for starters.
@@cwilliams3480 I’m talking about increasing taxes on the rich
@@carleenmartin5985 Watch out, Carleen. That kind of talk always draws attack trolls. They thrive on greed and hatred.
@@carleenmartin5985 that’s right , and the reason why the last administration left us with a record deficit was the tax cuts given to the wealthy. What baffles me is how trump supporters think that he is for the working class 😂😂
@@carleenmartin5985 they are going to increase taxes on the middle class. More weight on the back of the slaves.
I’m tired of these people who say we have to stop spending on programs unless we “pay for them”...whenever it concerns helping the poor and the middle class.. Not a peep from these kind of people about 1.7 trillion dollar tax cuts for the rich, or 100s of billions spent on building more weapons.
Generally true, but the opposite of what Summers says in this interview.
Or the inflationary impact of printing trillions of dollars to protect the market from Covid. Especially as trump and republicans told Americans it wasn’t a threat (to keep the disease and money flowing).
Mr. "Make it look like you're doing something" says the "West has cowered and dithered"? That's the pot calling the kettle black.
Does he cower and dither? If so, why, in your opinion? I've never seen him before, but I liked what he said.
Summers is such a fascist shill.
... but he's right. We don't want to be "inconvenienced" while people die. "Not my problem, we should stay out of it". How cowardly. I'm still trying to figure why Europe tied their energy needs so tightly to Russia? We've all known what Putin is, shame on the them. Just wait till China goes too far! We've sent so much manufacturing there, it'll be interesting what the west has the guts to do then.
@@pudd66 Go on over there and fight it out yourself. Don't you DARE send my kids to fight and die in another fat old rich man's war! Get off your ass and display some courage. Set an example.
@@giovanna722 Yes, when he is in a position of influence, he cowers and dithers in the preservation of the corporate status quo, merely creating the optics of doing otherwise. When he is in no position of power and influence, he has no problem stating the obvious.
Stop spending on stimulus crap!!
Help Ukraine Save Democracy!!!
And he’s right don’t complain about bread and gas people are losing their lives and their history and future.
We are all Ukraine!
Ukraine today it could be us tomorrow.
Too true,sir.We all should knuckle down & make sacrifces.Boo hoo if food prices go up ,petrol goes up.Just say,ok things aint great at the moment,but Ukraine got it f...n damn site worse & trust me,things are gona get worse,over there.Whats happened in Bucha ,is just the tip.of the iceburg.I dread to think what is happening in Muriopol
The world either acts for what is right ... or is complicit in these war crimes and atrocites through it's inadequate response.
Hilter was emboldened by lack of intervention early in WW2, leading to tens of million dying.
Cowardly and indifferent lack of decisive action now, will be regretted much more later.
Presently Germany seems to value it's steel industry more than opposing this disaster. Everything Germany _doesn't_ do to intervene, shows sympathy for the country that now follows precisely in Germany's _own_ footprints, from WW2.
He was also influential in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.
Eeewww … 🤦♀️
He minds concern economy are surreal because he dishonest thought aren in reality. He hás serious mental health dishored. How he RIGHT how he thinks predict USA economy? Honest he not knows how show up economy because economy events are so fast. USA economy predict future it a when Not shows trully evidence are so crazy.
You left out, "to the detriment of our economy and well-being." Never mind the part about fending off the next crisis.
Its funny how he can scream all the right points, then fail to apply them to china and the saudis (because he's got money there) and also be the perpetrator of so much stupidity in the past.
It is hardly see Laurence Sammers speaks without honest minds concern EUA. He keep out serious studies on economy. In this sense he lost his self esteem economy studies to show how infame his minds Works to suppory his archaic concept in favor his cronies lobby. Big liar and hilarious squizogrenic.
Cowered and dithered. I couldn't have said it better.
Exactly our military posture also.
Larry: We should not cower to aurocrats!
Larry 2 mins later: We should not be so shrill in our response to China.
Hahahaha
He is just so smug about himself.
I agree that we need a new seriousness to emerge. The long era of peace in the U.S. has really made us soft, and too easily distracted by silliness.
By "us" I assume you mean people who have done the lion's share of the profit taking while everyone else was busy working hard to survive. Rich people are "soft". That's what smug idleness leads to.
we have been at war in Afghanistan and Iraq for over 20 years, & are at this moment supplying arms and cash to 3 proxy wars at great profit to US arms makers. time to polish up that MAGA hat and sit on your head again.
He's the guy who blackballed Brooksley Born and helped to tank the economy with unregulated swaps. ha ha ha ha ha ha ha ha.
Problem is most our citizens don’t know , but yeah history will not be kind to him
He's always so confident and convincing when he talks, but he usually turns out to be wrong
Aren’t there any other economists out there?!
Yes. You can look them up yourself.
Thank you!! Why he is the only economist Christiane & Ian Bremmer have on is soooo discouraging!!! He works for the 1%, not the working people.
Regarding the IRS, they tend to go after easy targets, which are the people who can least afford their onerous and questionably constitutional penalties.
Instead, they should be collecting from the big players. That isn't a matter of "enforcement", it's a matter of removing loopholes from the tax code.
Unfortunately, Secretary Summers completely misses the point on this.
Makes me wonder whether anything else he says is more valid?
True, but he did say we need to properly fund the IRS so that they can do their job.
@@ericvardek4108 Yes, he did, in the context of enforcement. And that's wrong. IRS needs better tax code, not enforcement.
@@billb5732 Better everything and grow a set of balls.
As an American I may quibble about how tough Biden should be, how harsh our policies regarding Russia, but as a world citizen I take heart at the near-unanimous piling on of sanctions and condemnations of Russia and Putin. And the opposition to Putin's expansionism should give Xi a shiver, second thoughts about taking Taiwan and dominating the South China Sea. The willingness of European nations to get by without Russian gas is inspiring. "Cowered and dithered" are harsh words for leaders facing aggression not seen since Korea.
Ugh, save us from pragmatic boomers who have cowered and dithered about climate crisis and income inequality for decades, including Summers.
I know i dont know enough, but i think this guy is all rah rah but no substance
A lot of political "experts" just like the sound of their own voice. We don't have to watch this, afterall.
This man is saying what ive been saying since the invasion,europe is costing lives in ukraine by not facing putin and his bully tactics.
Europe is costing lives in Ukraine by not facing Washington and its bully tactics. Now Europeans are going to suffer cold, hunger and economic disaster while the warmongers in Chevy Chase are warm and well fed and US military contractors are raking in the bucks from the war they worked so long to provoke. Larry Summers in govt caused more pain and suffering to Americans than anything Putin has ever done yet there is always some moron praising that enemy of the people.
Larry Summers has certainly turned out to be someone always looking for the best for his country and for people in general around the world. As far as sanctions go, Simon Jenkins from The Guardian said, "History offers scant evidence that decisions in the heat of war are governed by economics." He goes on to say, "If the west wants to help Ukraine, it should do so by proxy, by sending weapons." His comments seem to be ringing true. The ruble has climbed back up because Putin has China, India and Brazil on the payroll so-to-speak. He's also got their economists feedback helping his own financial experts. What is clear from my perspective, which is 2,000 kilometers from Kiev, is that we are going to be have 10 million Ukrainians coming to our countries and others across the world. We should have people in the military in the caliber of Summers finding out how to save the keystone city in Ukraine from falling into Russian hands: Mariupol. America's General (ret.) Patreus said that Mariupol is Ukraine's Alamo. This sent alarm bells off in my head because if Mariupol falls, Kiev falls and whole regiments of Ukrainian top forces will be surrounded and decimated. We should be looking at winning the war in Ukraine step-by-step. Let's get Mariupol safe, this cuts off the land corridor from mainland Russia to the annexed Crimea and blows up Putin's number one objective. Then on the next important objective. We should help the Ukrainians win back Ukraine and Crimea and the other piece of land the Russians annexed in 2014. This should be what we focus on doing. Sanctions are symbolic, but let's be real: they only punish the people who are stuck in the middle. It's a comment, I'm an artist having trouble putting brush to canvas in these uncertain times, but I know Ukraine must be saved at all costs or we are all dust in the wind.
I agree entirely.
Seriously folks, Summers is the leading character in the West’s “do what’s right” Kabuki theater. His euphemisms are poetic but he does not mean any of it. Simply stated, Larry is a neo-con libertarian and high priest of predatory capitalism. Lol
Yes, it's a strange thing but when it comes to plutocrat's hoardings, the IRS always seems to be the last to know... 🤔
"We will all go together when we go
All suffused with an incandescent glow.
No one will have the endurance
to collect on his insurance -
Lloyds of London will be loaded when we go!"
Tom Lehrer, c. 1959
Interestingly, he made mention of the recent Biden legislation going after foreign-held assets of US companies, BUT, that they would be taxed at the foreign countries' tax rates. Maybe not so good for the US taxpayers.
Oh chinese dont. think a lot of chinese living in USA its unfair
@@nancygabionza1838 Explain.
Wait, with Russia we should hold to our principles of freedom and democracy, and therefore we should be pragmatic with the Saudis? Are Houties less valuable human beings than Ukrainians?
No, but the Saudis haven’t started 7 wars in the last 20 years like Putin has. Their murder and mayhem is more passive aggressive and pinpointed towards specific people or large buildings in nyc. But if the world stops buying oil then then Saudi’s would be screwed also.
Fuck it, dude. Let's go bowling. Walter Sobczak.
"The West has cowered & dithered"?
And, pray, what else is new? The hypocrisy is suffocating...
Posturing and spin do not solve the horrific problems of Ukraine.
Very inciteful! Thank you!
Well you can start with the greedy rich !!!! These people pay no taxes at all . the poor people are the ones that are suffering.
A great interview!
But for the disastrous venture of Putin in Ukraine, China would have been moving on Taiwan. We have not forgotten Tianamen Square, or Hong Kong. And you think that they need help now? For sure they do not.
Saudi Arabia murders its opponents.
Difficult times mean difficult decisions, but addressing one problem and creating a few more to come is not the answer.
Leave the poor people alone, tax those who can afford it.
Larry Summers had a hand with our current mass of problems nationwide and worldwide.
was spending the cause of inflation? to me it was energy prices jumping, shocks to the supply chain, perhaps tethered with stronger demand. but i wonder absent of those first two things, with just increased demand (excess money in pockets) if we'd see the same inflation??
De-groth is coming, if not by choice by catastrophe.
Brilliant guy. It would be interesting to know what he thinks of the current resurgence of the political Right in the world and especially in the GOP.
The federal govt does not use income taxes to fund the budget. The government is the creator of the currency, not a user like American households. That said, this is probably the first time I've had any level of agreement with anything coming out of Larry Summers' pie hole.
So agree with you!!!
The government is the creator of the currency? Where do you get your info?
MMT
@@tellofiriometto5810 You're kidding, right? Where else would it come from? Space? Federal dollars are spent into existence through Congressional appropriations. Other monies are created through loans by banks, but the govt is the font from which all this goodness flows. :)
📌Sad, butM. Lawrence Summers, Recently, it's no longer the GNP that makes and will make the wealth of peoples,
it's how much raw materials you have; In the era when it becomes easy to buy technology, the boss becomes the one who owns the raw materials.
Having visited & studied several countries producing raw materials, I can assure you that they are after us.(Russia, Africa ...)
They all want to reduce production, yes They all want to reduce production, to make us ,pay as much as possible for raw materials.
the choice : to make war on them or to be enslaved.
You are so right, Mr Summers. We will pay a far higher price later if we do not take strong actions against Russia now.
Funny how he doesn't tell us who did make that comment about Americans if Churchill didn't. He is just peeved that anybody might dare to say that about America. Of course Churchill said it.
Quote Investigator: . . . The earliest evidence located by QI of a variant of this saying was employed by Abba Eban who was an Israeli politician and diplomat. In March 1967 Eban visited Japan, and the New York Times reported on a remark that he made:[1] Commenting that the passage of time offered the best hope of an end to the problems of Israel and her neighbors, he said: “Men and nations behave wisely when they have exhausted all other resources.”
Why can't we make it illegal to move any dollars offshore electronically?
Ruble is strong?? That’s not what we’ve been hearing.
what i dont understand is lets say the west bans russian oil imports, and they instead sell it to the chinese or india, at perhaps a discount. so now there is two oil markets, the legit market and the "black market?" sure, now they get paid in rupees or rimbi, maybe that is suffient reason enough.
Before you Americans worry about Authoritarianism in Europe, Russia, China and India, how about you consider your own authoritarianists the MAGA's?
I agree with you but Europes defense is a joke without us
Loooool. They got voted out. You know… almost like a democracy
“You said last time that too much federal funding was going to lead to inflation, and unfortunately you turned out to be right.”
Nice “journalism”.
How about a little research into IF that really is the primary driver of this inflation?
Two smart guys informing us here. We are so hosed.
So much FEAR in the home of the brave, huh?
NO. NO HIGHER TAXES. NO NO NO NO NO
It takes a little time for the prior actions to affect the economy.
Trump and the Republicans have a direct influence in recovering from Covid.
Voting against recovery has consequences.
I agree with this guy on russia he's absolutely right!!!!
Amazing perspective. Thank you.
The rest of NATO, aside from the UK...
Mark his words
I used to halfway trust this lady
5:29-“If Americans pay a higher price…”
First, I’m all for sanctioning Russia, let me make that clear!
But I’m just speaking for myself, and I fear two things. First, how long will these sanctions last-and given, just to use only one example, Russia is an outsized seller of fuel, that’s gonna hurt a lot of folks! That brings me to my second concern: in this strategy, it seems to me, a great many nations are falling into a kind of Prisoner’s Dilemma, where in order for a strategy to work _everyone_ needs to be committed-and I can easily imagine some may look at their situation and say, “No.”
And then, where will we be?
absoltely right.IF we all commit together,make sacrafice,we(the West)will get where we need to be.Especially,if POO TIN is still in power.Unfortunately,there are those who will ALWAYS put themselves first & screw the sanctions
My hope is that the world will finally get off of fossil fuels, which they’ve been saying for decades is “totally impossible“. I hope it’s the same definition of “impossible“ that companies responded with when workers proposed they could work from home and not have to go into the office anymore.
Summers is right about the need to defend the West & Freedom as the highest policy priority now
Yeah, but he still speaks of "pragmatically" dealing with the murderous regime in Riyadh (remember Jamal Khashoggi?). Not so principled. What's next, pragmatically dealing with Putin?
Larry Summers…
You’re really asking for his opinion?
Want war got price to pay
All very rum, but soft, the latest UN climate report, trumps the lot. Time runs out....
Larry is famous for being very wrong very often.
Larry Summers has not been a successful commentator on any topic I can recall. He created a lot of disturbance and misconception regarding the distribution of income. He clearly is underfunded intellectually regarding the basic Economic science heralded by Piketty. And, remaining stuck in outmoded thinking which is ineffective for societal progress, he could not even hold the job at Harvard, the pinnacle of colonial slave culture. So, I suggest that we all not pay attention to the conventional ignorance masquerading as knowledge.
Amanpour is going for the mismash look with that outfit
And that matters, why? 😂
Larry is a godsend! One of the only public figures with any brain at all.
So smart that he was a key architect of the global financial crisis!
Taxing more doesn’t work, it’s stopped people from working. 5 out of 7 people in my family and quite few friends I know that could work but don’t because it’d push us in a higher tax bracket
What bullshit. It's only the income over the limit that is assessed at a higher rate.
🤣
Oh the rich love a fool that don’t realize “income” That’s how the rich don’t pay taxes! They don’t make “income” look it up for fuck sakes. They don’t get W2 like us shmucks
You have states trying to fund unemployment for ppl who are undocumented. You have ppl who are undocumented demanding social security. You have ppl who do chain migration of family members that have never worked in the United States receive social security. You have undocumented mothers receive full access to the government social system through their children; which needs to be overhauled. You should receive any social services unless you are a US citizen that it of legal age not if you are a child of an undocumented mother. You shouldn’t get a child tax credit if your children are not US citizens.
Sure, let’s blame the bottom 25% of America living in poverty for all our problems.
Undocumented residents can’t get any government services. That is a myth.
Yes legal residents can get welfare but they also pay taxes when they work and are in fact the foundation of many industries such as hospitality and farming. These legal residents who are not citizens are 5 times more productive than long time citizens in the bottom 25%. The least productive are the poor citizens in Republican states who contribute very little but take the maximum from social programs that were oddly created by the Democrats.
Your whole schtick is an uninformed diatribe common to trump supporters. Yet those very same people are silent on the $1.5 trillion tax cut trump pushed thru for the 1% elite & corporations.
And no, undocumented immigrants aren't eligible for assistance or benefits. There may be isolated cases of abuse, but those will amount to a drop in the ocean.
Pointing at undocumented immigrants is what the 1% do to distract us from the even more egregious corporate welfare that they benefit from.
Even if we did somehow spend as much on welfare for undocumented people as we do on tax cuts for the rich, the rich definitely don’t need the help. What’s a better use of money, helping to keep kids healthy, warm, fed, and educated, vs enabling some fat cat billionaire to go buy his second superyacht?
@@catc8927 Very sensible Cat. During Reagan when they allowed unlimited campaign contributions, legislators stopped working for people and starting working for the 1%. Not as bad as Russia but going in that direction. Thanks for your comment. People DO have value.
They can't get any of that without a proper social security number.