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Former U.S. Treasury Secretary Lawrence Summers warned the U.S. is losing global influence as other powers align together and win favor among nations not yet aligned, Bloomberg reported on Saturday.
"There's a growing acceptance of fragmentation, and – maybe even more troubling – I think there's a growing sense that ours may not be the best fragment to be associated with," Summers said on Bloomberg Television's "Wall Street Week."
"Somebody from a developing country said to me, 'what we get from China is an airport. What we get from the United States is a lecture,'" Summers said, adding that the person told him that they liked airports more than they liked lectures.
Noting the China-brokered rapprochement between Saudi Arabia and Iran, the former U.S. Treasury head said this is "a symbol of something that I think is a huge challenge for the United States."
Washington will need to consider how to address this new challenge, he added.
(Cover: Former U.S. Treasury Secretary Lawrence Summers. /AFP)
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