In The New Golden Age: The Coming Revolution Against Political Corruption and Economic Chaos, the best-selling author and Southern Methodist University professor of economics expounds on corruption and the keys to global prosperity.
Your new book identifies a laundry list of global economic problems. Can you single out the most worrisome?
Ravi Batra: The single most worrisome global economic problem is the housing bubble that now exists not just in the United States but also in many other countries including the United Kingdom, France, China, India, Australia, and others. By itself the bubble need not be catastrophic even if it bursts, because housing is very different from other investments, but unfortunately the U.S. bubble has been primarily financed by foreign money. When the American bubble starts to burst around mid-2007 and beyond, foreign investors will head for the exits; while it is in the self-interest of foreign governments to finance our trade deficit, private groups have no such interest or obligation. I am afraid the bursting of the U.S. bubble will