Larry Summers, long-time stalwart of Democratic Party economics and academic governance, has been disgraced by the release of emails between himself and Jeffrey Epstein — a correspondence that continued long after Epstein’s conviction for sexual offences with children.
The emails are sleazy and cringe-inducing, with Summers seeking Epstein’s advice on the pursuit of women (one of whom was a student). Summers has been expelled from some roles (including membership of the American Economic Association) and has stepped back from others, including his position as economic advisor at the Center for American Progress, a think tank crafting an agenda for what they hope will be the next Democratic presidency.
The fact that Summers was involved in the center’s work to begin with says a lot. As Jeff Hauser, head of the watchdog Revolving Door Project, puts it: “Larry Summers has an argument for being on the Mt. Rushmore of people responsible for destroying America. Only insane people would seek out the counsel of a man who relies on Jeffrey Epstein for dating advice and Milton Friedman for economic inspiration.”
As Treasury secretary under Bill Clinton, Summers pushed Wall Street deregulation, especially liberalization of trade in derivatives, laying the basis for the crash of 2008. To add injury to injury, as a key economic advisor to Barack Obama, Summers deepened and prolonged the ensuing recession (including a mass foreclosure epidemic) by arguing against the kind of stimulus package that was required, all the while blocking the breakup of the banks responsible for the mess and the holding of their management teams to account.
This record makes Summers rightly toxic to the American left. But his toxicity extends well beyond US shores, and his record says much about the links between American power and global governance. Those links are now being challenged by both domestic and overseas forces.
As Treasury secretary under Bill Clinton, Summers pushed Wall…
Auteur: Andy Storey
