In a democracy, fear does the work of reason, so spiking interest rates will eventually force action on the deficit even though fear would be preferable.
factualpending
Speaker
Lawrence SummersEvidence Quote
“in democracy fear does the work of reason. And my guess is sooner or later we'll do something about the deficit, but it will take spiking interest rates before we do.”
Source
Tariffs, Decline, and the Promise of AI | A Conversation with Larry Summers and Niall Ferguson— University of Austin (UATX)Created: 8/11/2026, 6:52:24 AM
My Notes
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