Clyde Prestowitz
Clyde Prestowitz
Clyde Prestowitz is the founder and President of the Economic Strategy Institute. He formerly served as counselor to the Secretary of Commerce in the Reagan Administration. He is a labor economist. Prestowitz has written for Foreign Affairs...
dollars exists interest pint rates sell sold spike upset value
The possibility exists that they would get upset with us at some pint and sell dollars. And if they sold all those dollars right away, the value of the dollar would plummet, interest rates would spike and the U.S. would go into a recession.
adjustment lifestyles recession sharp unpleasant
That's unsustainable. There is an unpleasant adjustment in our future. We will have to adjust our lifestyles to our means. There will be a sharp recession if not a depression.
inflation problem
Inflation is just not a problem in this economy.
dependent economy global integrated people understand
People don?t understand how integrated the U.S. economy has become with the global economy, how dependent we have become on other nations.
countries fantastic growth latin major possible recently
The growth of China, and more recently India, will make it possible for other countries to grow as well. Latin America, for example, has become a major supplier for China. So China's growth is stimulating growth in Latin America, which is fantastic for them.
japanese tough
I think the Japanese are in a very tough dilemma,
block capitalist countries former half incorrect joined last soviet talking ten word
We have been talking about globalization for a long time. Actually, the word has been incorrect because only half of the world has been part of the globalization process. But in the last ten years, the other half -- China, India, the countries of the former Soviet block -- has joined the capitalist system. And I like to say globalization is going global.