{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: NEW YORK: PRESIDENT CLINTON WORLD ECONOMY CRISIS SPEECH (2)' data-url='/boclips/videos/5c54c293d8eafeecae15abbd' data-video-url='/boclips/videos/5c54c293d8eafeecae15abbd' 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: NEW YORK: PRESIDENT CLINTON WORLD ECONOMY CRISIS SPEECH (2)\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/NatUnited States president Bill Clinton says the current global economic crisis is the biggest financial challenge to have faced the world in a half century.During a speech in New York on Monday the president said he had asked...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eUnited States president Bill Clinton says the current global economic crisis is the biggest financial challenge to have faced the world in a half century.\u003cbr/\u003eDuring a speech in New York on Monday the president said he had asked his Treasury Secretary James Rubin and Reserve Bank chief Alan Greenspan to meet their counterparts in the next 30 days to grapple with the widening crisis.\u003cbr/\u003eClinton's remarks came on a day when Wall Street and many foreign markets were already posting strong rebounds.\u003cbr/\u003eAs members of Congress on Monday weighed whether to begin an impeachment process against Bill Clinton, the president sought to put the focus back on his policies.\u003cbr/\u003eUPSOUND: (English)\u003cbr/\u003e\"Ladies and Gentlemen I give you the president of the United States.\"\u003cbr/\u003eSUPER CAPTION: Pete Petersen, chairman of the Council of Foreign Relations\u003cbr/\u003eAt a speech to a foreign policy group in New York, Clinton said the global financial crisis was the biggest economic challenge facing the world in half a century.\u003cbr/\u003eHe called on the world's nations to work together to boost economic growth.\u003cbr/\u003eClinton said while inflation has been a major threat in the past, the biggest problem now is the spreading economic weakness that's already plunged a third of the world into recession.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"We must work with Japan, Europe and other nations to spur growth. Second, we will expand our efforts to enable viable businesses in Asia to emerge from crippling debt burdens so they can once again contribute to growth and job creation.  Third, we've asked the World Bank to double its support for the social safety net in Asia to help people who are innocent victims of financial turmoil. Fourth, we'll urge the major industrial economies to stand ready to use the $15 billion in IMF emergency funds to help stop the financial contagion from spreading to Latin America and elsewhere. Fifth, our Ex-Im bank, under the leadership of Jim Harmon, will intensify its efforts to generate economic activity in the developing world immediately in the next three months. And sixth, Congress must live up to its responsibility for continued prosperity by meeting our obligations to the International Monetary Fund. \u003cbr/\u003eSUPER CAPTION: Bill Clinton, United States President\u003cbr/\u003eThe president repeated a warning made by Federal Reserve Chairman Alan Greenspan a week ago that it's unlikely the United States can remain an \"oasis of prosperity\" in the ever-widening financial turmoil.\u003cbr/\u003eThat's why, Clinton said, ordinary Americans should care about what's happening in the rest of the world. \u003cbr/\u003eUsing Russia as an example, he said the risk isn't confined to people's living standards and personal freedoms.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"At worst, adversity in Russia could affect not only the Russian economy and prospects for our economic cooperation - at worst, it could have an impact on our cooperation with\u003cbr/\u003eRussia on nuclear disarmament; on fighting terrorism and the spread of weapons of mass destruction; on standing together for peace, from the Balkans to the Middle East.\u003cbr/\u003eSUPER CAPTION: Bill Clinton, United States President\u003cbr/\u003eJapan, Clinton says, remains key to resolving the crisis.\u003cbr/\u003eThe world's second-largest economy is mired in its worst recession in 50 years and the administration has been pushing it for more than a year to act decisively in dealing with its own problems.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"It is difficult to see how any actions of the world community can be successful in restoring growth in Asia in the absence of the restoration of growth in Japan, which would enable Japan to lead the region out of its present condition. Therefore, we must support Japan and do everything we can to help create the conditions in which, together, we can all lead again, just as we did in 1993. Their challenges are quite formidable. They have to spur domestic demand, revive a banking system, restore confidence, deregulate the economy and open markets.  And we all know all the forces that seem to be working against these developments in Japan. But I would remind you that this is a very strong, sophisticated nation, full of people of knowledge and enormous achievement. It is fully capable of playing its world leadership role.\"\u003cbr/\u003eSUPER CAPTION: Bill Clinton, United States President\u003cbr/\u003eClinton didn't mention his current troubles in the Monica Lewinsky matter but sought to underscore that he and his administration are focused on the threat that the world's financial crisis poses to the U.S. economy.\u003cbr/\u003eAt the end of his speech, as the applause died down, a reporter shouted a question about whether the president would accept censure from Congress. \u003cbr/\u003eClinton did not respond to the question, but continued to shake hands.\u003cbr/\u003e New York, United States - 14 September 1998\u003cbr/\u003e1. Crowd giving standing ovation for Bill and Hillary Clinton\u003cbr/\u003e2. UPSOUND: (English) Pete Petersen, Chairman of the Council of Foreign Relations\u003cbr/\u003e3. Clinton walks to podium\u003cbr/\u003e4. SOUNDBITE: (English) Bill Clinton, United States President \u003cbr/\u003e5. Cutaway  \u003cbr/\u003e6.  SOUNDBITE: (English) Bill Clinton, United States President \u003cbr/\u003e7. Cutaway \u003cbr/\u003e8. SOUNDBITE: (English) Bill Clinton, United States President \u003cbr/\u003e9. Crowd applauds at end of Clinton's speech\u003cbr/\u003e10. Clinton mingling with crowd\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;grade_ids%5B%5D=259\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' 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