"Growing globalization of trade and the economy would facilitate the absorption of shocks in the United States," Greenspan said.
Greenspan, making his remarks while on a visit to Jeddah, Saudi Arabia, said the escalating price of oil will "go on forever," MSNBC reported.
He said the U.S. economy was "at stall speed."
"As of right now, U.S. economic growth is at zero," the outspoken former Fed chairman said.
Greenspan is attending a investment conference in Jeddah, the report said.
Notable deaths of 2014 [PHOTOS]
Starbucks testing smaller Frappuccinos