"QE in my view is less efficacious for the real economy than most people suppose," may just be the sentence that ends Larry Summers' run at becoming the next 'most powerful person in the world'. As the FT reports, the chubby ex-chief economist for Obama made these, and other, somewhat hawkish comments (entirely unacceptable for a Federal Reserve chairman) at a conference in Santa Monica in April. In his remarks, Summers said it was likely either the economy would accelerate, or else estimates of its growth potential would have to come down: "I think the market is underestimating the pace at which the Fed will alter ... (full story)