The world of banking and federal finance is so murky and vague that anyone who isn't involved in it full time, and many who are, have no clue how all the pieces mesh together. This is by design so bad actors like Summers can stand at their podium and spout pure BS without being challenged.

A little old-fashioned logic can cut through much of the illusion of complexity. Higher interest rates make everything dependent upon credit more expensive. This is the f'n "DEFINITION" of inflation, not a cure for it.

Higher interest raises the ROI of Treasury bonds and forces the federal government to create more money as those bonds mature. This is at the very top of the macro-level where people like Summers and banking top management go to collect their thirty pieces of silver.

If you (wrongly) believe that money creation causes inflation this should make you pay attention to who wins and who loses in this money creation without corresponding increases in productivity. Ditto if you are concerned about the income inequity that is worse now than it was in '29 just before the great depression.

Summers always looks like he is sucking a lemon, which may be his way of keeping from breaking out in laughter as he doles out his phony occult doctrine and misrepresentations. Friedman is probably looking down proudly on one of his most promising prodigies.