However, in an epic thread of apparent honesty, the former director of the National Economic Council for President Obama took to Twitter to dispel any myths about the omnipotence of central planners and to confirm there's nothing anyone can do to save the world from doom (especially Jay Powell's speech tomorrow).

Mea Culpa? Or partisan political pandering to reinforce the "recession is imminent and there's nothing to stop it and it's Trump's fault and that means Trump's unelectable" narrative?

You decide...

Summers begins his diatribe by addressing the big imminent issue ahead of us:

"Coming into Jackson Hole, economists are grappling with a major issue: Can central banking as we know it be the primary tool of macroeconomic stabilization in the industrial world over the next decade?"