Meanwhile, these countries are losing the “infrastructure” of their economies, he said, as these younger prime workers leave at a time when they will be most needed during rebuilding.
Fracking is also having an impact in the U.S. and globally, as the U.S. and Saudi Arabia become the two biggest producers of crude oil. While the U.S. is fracking and becoming less dependent on foreign oil, Saudi Arabia is seeking to crush the fracking technology, but at a cost to its own economy.
“The distortions of Saudi Arabia’s policy to continue to pump oil will be of great benefit to the world economy. It will still have an impact on the U.S. because the world price affects us whether or not we import,” he said.