Larry Summers is a top economist and former US treasury secretary.

He tells Carrie Gracie the story of the current financial crisis which he had been warning about for some 18 months.

The worst may be over financially for the US he says, but the real economy still has some way to go and Americans are feeling the pain in their daily lives.

In world terms though he says he is confident that America will retain its place at the heart of the global economy.

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First broadcast 13th June 2008