Archive for September, 2005

Former Reagan advisor describes the dangers of a global crisis

Clyde Prestowitz recently warned that the United States may soon head into a crisis on the same proportion as the “Great Depression.”

Danger signs of global crisis

By HARDEV KAUR

Author and member of former President Ronald Reagan’s administration Clyde Prestowitz says the United States is “being completely irresponsible” with its growing budget deficit, which spells a crisis bigger than the Great Depression, unless it takes charge. HARDEV KAUR writes. “I AM less worried about Malaysia than the US,” Clyde Prestowitz, author of Three Billion New Capitalists: The Great Shift of Wealth and Power to the East said.

The US, the world’s greatest consumer, the world’s largest economy and the only driver of world economic growth, “was being completely irresponsible” and endangering the world economy. Read the rest of this entry »