Greenspan says U.S. economy has stalled

Feb. 25, 2008 at 3:41 PM

JEDDAH, Saudi Arabia, Feb. 25 (UPI) -- Former U.S. Federal Reserve Chairman Alan Greenspan said Monday that shocks in the U.S. economy could be softened by globalization.

"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.

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