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Summers blasts Trump: 'No nation can devalue its way to prosperity'

Section: Daily Dispatches

The path to prosperity is suppressing the gold price -- right, Mr. Summers?

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Larry Summers Blasts Trump on the Dollar: 'No Nation Can Devalue Its Way to Prosperity'

By Jessica Bursztynsky
CNBC, New York
Tuesday, July 30, 2019

The United States cannot devalue the dollar to gain prosperity, former Treasury secretary and ardent Trump critic Larry Summers told CNBC on Tuesday.

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"When you signal you don't want your currency to be strong, when you trash your own country for competitiveness, you raise the borrowing costs for every American homeowner and every American company," Summers said, adding that such a move would "make the economy less competitive and less efficient."

Summers was reacting to reports that President Donald Trump asked aides to find a way to weaken the dollar as a way to boost the economy before the 2020 presidential election. ...

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