Former President Bill Clinton warned of global danger in the event Mitt Romney wins in the fall — a shift in tone from his compliments of the former Massachusetts Governor's business record last week.

Speaking at a fundraiser for Obama at the home of Marc Lasry, the billionaire founder of Avenue Capital Group, Clinton praised President Barack Obama, saying that "the alternative would be in my opinion calamitous for our country and the world".

He added that Obama has "right economic policy and the right political approach and I think that their economics are wrong headed and their politics are worse."

More Clinton from the pool report:

"The Republican Congress and their nominee for President, Governor Romney, have adopted Europe's economic policies".

"Their economic policy is austerity and unemployment now, and then a long term budget that would explode the debt when the economy recovers so the interest rates would be so high, nobody would be able to do anything."

POTUS' "economic policy is job growth now, and long term budget restraint."

Their politics is "constant conflict. The only thing in the world that's working is cooperation."

"So the politics is wrong on the Republican side, the economics are crazy."

POTUS "has good politics, he's got a good record, he's made the best of a very challenging situation, he deserves to be reelected."

Also said that POTUS "has a pretty good Secretary of State, too", getting laughter and applause.