Global Fragmentation Underway With US Getting Lonely, Says Former Treasury Secretary Larry Summers

According to Larry Summers, who served as Treasury Secretary before Donald Trump, the United States is facing new problems as a result of China’s growing prominence on the international scene.

Summers claims, in a new interview with Bloomberg, that even while the United States is leading the charge against Russia’s agenda in Ukraine, oil-rich nations like Saudi Arabia and Iran are beginning to take cues from China. This is despite the fact that the United States is in the vanguard of the campaign. 

Summers believes that the United States is acting appropriately in its opposition to the military campaign being conducted by Russia. On the other hand, he claims that a number of countries are showing signs of following in the footsteps of yet another significant economic power.

“The reestablishment of diplomatic ties between Saudi Arabia and Iran, which was facilitated by the Chinese government, is a signal of something that I believe to be a significant problem for the United States. Because of our dedication to democracy and the fact that we have stood up to Russia’s aggressive policies, we are on the right side of history. We are definitely on the side of history that should be written, although it feels a little bit isolated right now.

In addition, Summers claims that other nations are more pleased with the establishment of commercial links with China than the United States is. 

“I think there is a growing acceptance of fragmentation, and perhaps even more disturbing, I think there is a growing understanding that ours may not be the best fragment to be connected with. Both of these things are concerning.

Someone from a developing country once told me, “What we get from China is an airport.” This person was speaking to me. The United States only ever gives us lectures when they visit. We prefer your principles to theirs, but we enjoy airports and lectures more than anything else.'”