Prince Alwaleed: U.S. Needs `to Get House in Order'

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Nov. 20 (Bloomberg) -- Kingdom Holding Company Founder and Chairman Prince Alwaleed bin Talal discusses the U.S. economy with Erik Schatzker at Bloomberg's "The Year Ahead 2014" summit on Bloomberg Television at the Art Institute of Chicago. (Source: Bloomberg)

Know, people like to quote winston churchill.

You yourself have done so.

You can always count on americans to do the right thing after they have tried everything else.

We have tried an awful lot of things.

At what point, your royal highness, do you lose faith that america will "do the right thing?" we hear a lot about the u.s. being in decline, china, india and other countries coming up and competing.

What i can assure my american friends here is that the u.s. is down, but it is not out.

Take the chinese for -- economy, for example.

Their gdp may overtake the united states in a decade or two, but the more important number is the quantitative number.

I can assure you, china could take over five decades from now, but that is the important them.

Look at how many aircraft carriers you have.

You have 19. the whole world has 19. or what happens, that america loses its relevance internationally?

What is happening right now is a self-inflicted wound by the u.s. frankly, this is unforgivable.

The united states has been through so many crisis.

In 1973 oil crisis.

The major recessions, and then the last recession that took lace.

Every time, they come out even stronger.

The u.s. people are very resilient in their approach, politics, finance, business.

The occupant oriole ship in the u.s. is unbeatable -- entrepreneurial ship in the u.s. is unbeatable.

You are done but you are out -- not out because i believe in the u.s. system.

I would like to ask you a

This text has been automatically generated. It may not be 100% accurate.

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