Former Treasury Secretary Lawrence Summers said financial markets are underestimating risks of global political and social tumult resulting from populist policies and the potential erosion of rule of law. “The world is potentially headed into a period where there is less of a sense of what the order is going to be and therefore more risk of disorder, chaos and associated suffering,” Summers said at the FII Priority conference in Miami on Thursday. “I’m not sure that kind of risk is fully priced in to markets.” Summers emphasized that he wasn’t making predictions of such turmoil, but highlighting their potential and ... (full story)