In an open letter to the as-yet unknown next Treasury Secretary this week, Larry Summers (file pic) - a former holder of the job and a Harvard professor - said the need for expansionary economic policies meant it would be “unwise to appear actively devaluationist or indifferent to the dollar.”
LONDON: US President-elect Joe Biden has been warned not to tinker with the dollar’s standing in world markets given the parlous state of the country’s finances - but his new Treasury chief may be equally advised against talking up the currency too much.
In an open letter to the as-yet unknown next Treasury Secretary this week, Larry Summers - a former holder of the job and a Harvard professor - said the need for expansionary economic policies meant it would be “unwise to appear actively devaluationist or indifferent to the dollar.”
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
