Larry Summers Is Very, Very Worried About Tariffs
The hope that markets had already priced in the cost of reciprocal tariffs was dashed this week by the calamitous decline of nearly every asset traded by man and robot except U.S. Treasuries. Stocks plunged, oil slipped, the dollar declined, and even gold lost some of its recent shine.
If bull markets are breeding grounds for irrational exuberance, bear markets tend to produce prophets of doom. The declines in equities markets following Liberation Day certainly lived up to this expectation. No less an august personage than Larry Summers, economic sage to Democrat presidents and Harvard professor (once dethroned from the presidency of the university by the feminist orthodoxy), took to social media to predict President
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