{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: ALAN GREENSPAN SPEAKS ABOUT GLOBAL ECONOMIC CRISIS' data-url='/boclips/videos/5c54bbafd8eafeecae126e8a' data-video-url='/boclips/videos/5c54bbafd8eafeecae126e8a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: ALAN GREENSPAN SPEAKS ABOUT GLOBAL ECONOMIC CRISIS\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe U-S Treasury Secretary, Robert Rubin, and Federal Reserve Chairman Alan Greenspan, have outlined their commitment to help solve the global economic crisis.With a third of the world's economies in recession, financial...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe U-S Treasury Secretary, Robert Rubin, and Federal Reserve Chairman Alan Greenspan, have outlined their commitment to help solve the global economic crisis.\u003cbr/\u003eWith a third of the world's economies in recession, financial markets keenly watched their appearance before the U-S Congress on Wednesday. \u003cbr/\u003eBut Greenspan disappointed investors who had been hoping to hear that U-S interest rates would be cut soon. \u003cbr/\u003eStock prices on Wall Street had been rising ahead of the testimony by Federal Reserve Chairman Alan Greenspan and Treasury Secretary Robert Rubin about the state of the U-S economy.  \u003cbr/\u003eInvestors had been expecting a cut in interest rates to prevent the U-S sliding into recession. \u003cbr/\u003eBut Greenspan did not even mention interest levels during prepared remarks to the Banking Committee.  \u003cbr/\u003eHe spoke instead of a future co-ordinated effort to help the global economy.  \u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Well, Mr. Chairman, I think that I can safely say that at the moment there is no endeavour to co-ordinate interest rate cuts. I will say this, that we are in fairly extensive conversation amongst the G-10 central bank governors, and we're clearly exchanging views on all various different aspects of our economies, and our views of the overall international situation.\"\u003cbr/\u003eSUPER CAPTION:  Alan Greenspan, U-S Federal Reserve Chairman \u003cbr/\u003eGreenspan's testimony focused on the policy steps that developing nations will need to take to boost their economies. \u003cbr/\u003eHe said it would be a mistake for any country to consider imposing controls on the flow of foreign money - because it would store up problems for the future.  \u003cbr/\u003eMalaysia has already announced such controls and Russia is contemplating them after the rouble plunged in value. \u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"The presumption that controls can be imposed temporarily while\u003cbr/\u003ean economy stabilises, and then removed, gives insufficient \u003cbr/\u003erecognition to the imbalances in an economy that emerged when\u003cbr/\u003econtrols are introduced. Removing controls subsequently creates its\u003cbr/\u003eown set of problems, which most governments, inclined to impose\u003cbr/\u003econtrols in the first place, are therefore loath to do. Indeed, controls are often employed to avoid required, but frequently politically difficult, economic adjustments.\" \u003cbr/\u003eSUPER CAPTION:  Alan Greenspan, U-S Federal Reserve Chairman \u003cbr/\u003eIn his remarks to Congress, the U-S Treasury Secretary, Robert Rubin \u003cbr/\u003edefended the role of the International Monetary Fund in dealing with the global crisis, despite criticism that the I-M-F has failed to keep the crisis from deepening and spreading.\u003cbr/\u003eAnd he reinforced fears that if the global crisis is not addressed, the U-S will be next to suffer the economic fall-out. \u003cbr/\u003eAlthough production at American factories rose 1.7 per cent in August,  economists believe the U-S economy will grow much more slowly in the second half of this year. \u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"The well-being of the United States is significantly impacted, and, I would say, inextricably linked, to the economic well-being of the rest of the world, and that is precisely why we have been so intensely focused\u003cbr/\u003eon this crisis that's just beginning in Thailand. The most important contributions that the United States can make is to continue to pursue policies that provide financial stability and growth in the United States, which in turn contributes to financial stability and growth in the world. In addition, the other major industrialised nations need to achieve and maintain strong domestic demand-led growth. And this is a subject of regular consultation in the G-7 process, particularly with respect to Japan.\"\u003cbr/\u003eSUPER CAPTION:  Robert Rubin, U-S Treasury Secretary\u003cbr/\u003eThe comments of Rubin and Greenspan reinforced the remarks by U-S President Bill Clinton on Monday. \u003cbr/\u003eHe said the world's major industrial powers need to work together to promote economic growth.\u003cbr/\u003eFinance ministers and central bank presidents of the world's seven richest industrial countries - the G7 - endorsed the president's words.\u003cbr/\u003e Washington D-C, U-S-A - September 16 1998 \u003cbr/\u003e1. Wide shot committee room and panel\u003cbr/\u003e2. Medium shot of witnesses\u003cbr/\u003e3. House Banking and Financial Services Committee chairman Jim Leach and committee members \u003cbr/\u003e4. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman \u003cbr/\u003e5. Witness panel from behind \u003cbr/\u003e6. Committee members \u003cbr/\u003e7. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman \u003cbr/\u003e8. Side shot of panel \u003cbr/\u003e9. Close up of committee members\u003cbr/\u003e10. Wide of press around witness table \u003cbr/\u003e11. SOUNDBITE: (English) Robert Rubin, U-S Treasury Secretary  \u003cbr/\u003e12. Wide shot of committee hearing room \u003cbr/\u003e13. Medium shot of committee members \u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1998\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;keywords=the+elements+of+plot\u0026amp;page=7\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003eeconomy, monetary policy, economic growth, bill clinton, business, north america\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 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