“I am surprised that we have heard nothing from the IMF,” about the prospect of a crisis in a global reserve currency, says Larry Summers.
Former U.S. Treasury Secretary Larry Summers is worried that the U.K.’s new Prime Minister Liz Truss may risk triggering a global crisis if the government doesn’t take steps to stop the bleeding in local government bonds and the pound.
— Larry Summers, former U.S. Treasury secretary Former U.S. Treasury Secretary Larry Summers is worried that the U.K.’s new Prime Minister Liz Truss may risk triggering a global crisis if the government doesn’t take steps to stop the bleeding in local government bonds and the pound. Summers said last week that he wouldn’t be surprised to see the pound tumble all the way to parity with the U.S. dollar and the euro EURUSD .
See: U.K. gilt yields surge, with 10-year topping 4%, as investors bet on aggressive Bank of England action to tame tax cuts Summers added that he would “not be amazed” to see yields on short-term gilts triple over the next two years, eventually rising above 7%.
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