US Faces Major Challenge as Middle East, Russia, and China Strengthen Relations, Says Ex-Treasury Chief
Larry Summers Raises Concerns Over Growing Influence of China, Russia, and Middle East
Former Treasury Secretary Lawrence Summers recently expressed concerns about a rising number of countries aligning themselves and gaining global influence, including China, Russia, and the Middle East. Speaking to Bloomberg TV at the spring meetings of the International Monetary Fund and the World Bank, Summers highlighted that this trend poses a significant challenge for the United States.
Summers, who is currently a professor at Harvard University, previously served as Director of the National Economic Council and the Treasury Secretary of the United States, as well as chief economist at the World Bank. He explained that more nations are joining forces against the US, and there is a growing acceptance of fragmentation. Even more troubling, Summers emphasized that there is a rising sense that the US may not be the best fragment to be associated with.
He shared a conversation he had with someone from a developing country who said: “What we get from China is an airport. What we get from the United States is a lecture.”
Summers also expressed concerns about deepening links between the Middle East and China, such as the recent Chinese-brokered diplomatic relations between Saudi Arabia and Iran. He added that the US must address this challenge and proposed alternatives if the Bretton Woods system is not delivering strongly around the world.
While Summers affirmed the US commitment to democracy and resistance to aggression in Russia, he noted that the US seems to be looking a bit lonely on the right side of history. As those who seem much less on the right side of history band together in a range of structures, the US government must tackle this new challenge.
In conclusion, Summers’ remarks emphasize the importance of the US government understanding and adapting to the changing global landscape as more countries align and gain influence.
Clever Robot News Desk 17th April 2023