Clyde Prestowitz Quotations

It's true these are poor countries on average, but these are big populations. We've been talking about globalization for a long time, except half of the population has been out. Now they're in.

It's true these are poor countries on average, but these are big populations.

They don't seem to be able politically to take the steps that are necessary to get their economy stabilized. In fact, it's not even clear that they entirely recognize the danger that the falling yen poses to the rest of Asia and in fact the rest of the world economy.

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.

The special role of the dollar as the world's money removes all financial discipline from the United States and enables currency manipulation by other countries. This is the key Titanic-like flaw in the current system. It cannot last.

People don?t understand how integrated the U.S. economy has become with the global economy, how dependent we have become on other nations.

That's a card our negotiating partners have which gives them a certain leverage, a certain influence over the U.S..

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.

The key thing is that there's a mechanism to spot negative trends and to enable that problem to be brought forward quickly.

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.