The nation’s new Director of Intelligence, Dennis Blair, warned Thursday that the current global economic crisis has become a greater security concern to the United States than terrorism. Blair said the crisis has already increased questioning of US stewardship of the global economy.

Dennis Blair: “And I’d like to begin with the global economic crisis, because it already looms as the most serious one in decades, if not in centuries…Economic crises increase the risk of regime-threatening instability if they are prolonged for a one- or two-year period. And instability can loosen the fragile hold that many developing countries have on law and order, which can spill out in dangerous ways into the international community. There are some silver linings. With low oil prices, Venezuela will face financial constraints this year. Iran’s president faces less-than-certain prospects for re-election in June.”

While discussing other global threats, Intelligence Director Dennis Blair highlighted the potential for an Iran-Israeli confrontation.

Dennis Blair: “The Levant is the key focal area for these strategic shifts. Recent fighting between Israel and Hamas in the Gaza Strip has deepened Palestinian political divisions. It has also widened the rift between regional moderates, led by Egypt, Saudi Arabia and Jordan, and hardliners, including Iran, Hezbollah, and Syria. With Hamas controlling Gaza, Hezbollah growing stronger in Lebanon, progress on a Palestinian-Israeli accord is going to be more difficult. With Iran developing a nuclear weapon capability and with Israel determined not to allow it, there is potential for an Iran-Israeli confrontation or crisis.”