"When regimes that were in some ways similar — highly nationalist, highly interventionist with a bit of an authoritarian aspect — have come to power in Latin America, it was often a very good economic period with a strong currency before the thing fell apart," the economist said on CNBC's"Squawk Box."
Summers, a former Obama economic advisor, refused to elaborate on the metaphor. "There is no single person. But there is a tendency in a nationalist, populist economic policy ... [that] everything felt terrific and then things were undone."
In the interview, Summers wrote off the Trump rally since Election Day as a "sugar high," saying he's not sure when it will end, but admitting it could "last for a while."