Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of "The Obama Nation," the blueprint for Obama's first term in office.

As its first major challenge, the Obama administration may face what is shaping up to be a worldwide depression not seen since the 1930s, according to a new report from Jerome Corsi's Red Alert.

Obama, the next leader of the largest free-world economy, was absent at a key 20-nation summit Saturday, where world leaders agreed to put tighter controls on financial markets and slow the spreading economic crisis. The nations agreed to meet once again April 30, 2009, giving the Obama administration exactly 101 days to prepare for one of the most important challenges facing any U.S. administration since the Great Depression.

Now Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have appeared atop the New York Times best-sellers list, is predicting Obama and the Democrats will fail when it comes to economic results.

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Corsi's book "The Obama Nation" pressed the campaign for details it refused to release during the election.

"With the reluctance of the Obama campaign to answer questions, we know far more about those who dared ask questions than we do about Obama himself," Corsi wrote. "For instance, we know which colleges Obama attended, but we have no idea if he took a single economics course, let alone what grades he may have received."

While Corsi doesn't doubt the president-elect's advisers will be well versed in economics, he said their guidance may be questionable, especially since Obama took offense every time anyone mentioned his relationships with key advisers who helped shape his intellectual development – including radical Weatherman bomber Bill Ayers, Saul Alinsky and Rev. Jeremiah Wright.

Corsi said April's meeting is urgent, especially with economic data reporting that globalism has failed to prevent country after country from heading into a downward spiral.

Red Alert predicts Obama will blame any continued worldwide economic crisis on policies set in place by his immediate predecessor, George W. Bush. He may also fault Hillary Clinton, should it become necessary for the Democrats to take blame for the subprime mortgage crisis and the failure of Fannie Mae and Freddie Mac, which allowed the crisis to grow to the enormous proportions.

Obama will be tested virtually within his first 101 days in office to assist the world in finding a solution to the global economic crisis, Corsi wrote. Even should Obama pick the most brilliant economic team available, he has a remarkably short time to develop the type of working relationship needed to effectively handle a global crisis of this magnitude.

For these reasons, Red Alert predicts Obama will fail in the first major economic challenge of his administration April 30 at the international meeting.

Corsi received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years beginning in 1981, he worked with banks throughout the United States and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.

In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.

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