Larry Summers, the just-departed White House economic adviser, says today’s credit crunch has a new culprit. “In the early days of the crisis, there was clearly a problem with lenders being unable to lend even to creditworthy borrowers,” he says in an interview in The International Economy magazine. But no more. The problem now is nobody wants to borrow. Summers doesn’t pass blame to his old boss, but read between the lines of this fascinating interview and draw your own conclusion.

 Here’s the entire interview.