America’s economy is about to plummet at Mach speed into a recession, despite optimistic virtue signalling from the Federal Reserve and the Biden Administration.
According to Former Treasury Secretary Larry Summers, the US economy is in a very dire state and that the Fed’s forecasts are “much too optimistic” about the forthcoming state of the financial system. “When inflation is as high as it is right now and unemployment is as low as it is right now, it’s almost always been followed, within two years, by recession,” he said in an interview with CNN over the weekend.
Summers cited recent developments in both stock and bond markets as well as the rapid deterioration in consumer sentiment as a tell-tale sign that a recession could arrive within the next 12 months, and that “it’s more likely than not we’ll have a recession within the next two years.” The situation could become even more dire in…
