Summers Warns US Is Getting ‘Lonely’ as Other Powers Band Together

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Former Treasury Secretary Lawrence Summers warned of “disturbing” signs that the US is losing global influence as other powers align together and win favor among not-yet-aligned nations.

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Summers said on Bloomberg Television’s “Wall Street Week” with David Westin, “There is a growing acceptance of fragmentation, and — perhaps even more troubling — I think there is a growing sense that our best piece may not be could.”

Summers was speaking on the sidelines of the spring meeting of global finance chiefs in Washington, where a key theme has been a warning about the “fragmentation” of the world economy as the US and rich-world allies seek to reshape supply chains away from China. Targets and other strategic competitors.

“Someone from a developing country told me, ‘What we get from China is an airport. What we get from the United States is a lecture,'” said Summers, a professor at Harvard University and a reporter for Bloomberg TV. Paid Contributors for.
Coinciding with the spring meeting in Washington hosted by the International Monetary Fund and the World Bank, the president of Brazil – the world’s No. 12 economy – was visiting China, showcasing the strong ties those two countries share.

Read more: Brazil, China together ‘can change world governance’, says Lula
The semiannual Washington confab also follows a surprise move by Saudi Arabia, Russia and other members of the OPEC+ grouping to cut crude output – as the US, euro zone and other developed nations struggle to rein in inflation. complicating the task.

The deepening ties between the Middle East and Russia and China — which recently paralleled Saudi Arabia and Iran — “symbolize something that I think is a huge challenge to the United States,” Summers said.

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Summers warns US is getting ‘lonelier’ as other powers band together
by Shawn Johnson April 14, 2023
Summers warns US is getting ‘lonelier’ as other powers band together

Summers warns US is getting 'lonelier' as other powers band together - Business News

(Bloomberg) -- Former Treasury Secretary Lawrence Summers warned of "disturbing" signs that the US is losing global influence as other powers align together

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