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Former U.S. Treasury Secretary blames inflation on 'banana Republicans' undermining public faith in Biden establishment

“Because if you can’t trust the country’s government, why should you trust its money?” he said. 

Former U.S. Treasury Secretary blames inflation on 'banana Republicans' undermining public faith in Biden establishment
AP Photo/Luca Bruno
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Former U.S Treasury Secretary Larry Summers says that Republican support for the January 6 protesters is undermining the credibility of the United States government and that it is directly causing inflation. His remarks echo that of BlackRock CEO Larry Fink, who suggests that a decrease in legal immigration is exacerbating inflation due to the demand for jobs. 

Summers made his absurd remarks on CNN unprompted, going into a minute-long tirade about “banana Republicans,” in an attempt to deflect blame from the Biden administration's green energy policies, restrictions from the pandemic, and the endless printing of dollar bills to feed the Democrats growing budget for Biden’s Build Back Better agenda. 

“Dana, if I can step out of my area for one second, I think the banana Republicans who are saying that what happened on January 6th was nothing or okay are undermining the basic credibility of our country’s institutions and that in turn feeds through, uh, for inflation.” 

“Because if you can’t trust the country’s government, why should you trust its money?” he said. 

As noted by the New Yorker, Summers previously blamed inflation as a direct cause of the Federal Reserve being “behind the curve” on interest rates, and the White House’s tremendous increase on spending. Summers said that the Fed would have to hike to 4%-5% to beat inflation, according to a Bloomberg report from March. 

Under Biden’s Build Back Better plan, the U.S. government spent $1.9 trillion in Covid relief. 

“So I think it’s terribly important that we take the temperature down in Washington, that we recognize behavior that is just out of bounds of reasonable (sic) and decency. We give the Fed the room it needs. We bring down the budget deficit. We take down prices directly through prescription drugs. This is a challenge that we can meet if we’re prepared to be serious about taking it on.” 

Summers’ remarks are similar to BlackRock CEO Larry Fink’s, who suggested that inflation is “not Fed-related,” and that “the rise– whether you call it nationalism or the rise of this belief that we have to focus on communities that have been devastated by globalization, we need to find ways of creating better jobs for more Americans, that in itself is inflationary.” 

“If you look at the rate of increase of immigrants, legal immigrants in the United States from 2000 to 2017 and the rate that we are growing immigration in the last five years we’re down 2 million, 2 million new entrants to the United States legally. That is very inflationary when we have full employment when we have these jobs think about all the need for workers,” said Fink. 

WATCH: 

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