Islam Times reports from Press TV: “The US economy is collapsing morally, the society is collapsing morally and in particularly it is collapsing economically because of the huge levels of debt the huge levels of 61.2 trillion in unfunded liabilities and above all because it is an arrogant military country,” Rodney Shakespeare, professor of Binary Economics said on Monday.
“If the US does raise its borrowing limit it is in fact increasing the debt even further so the situation in the US is serious and is getting worse and is tending towards collapse.”
The US government must cut the "astronomical" money used for its military activities throughout the world, he added.
Shakespeare believes the massive US debt which includes the sovereign, personal, corporation debt is in fact municipal and state debt, and the unfunded liabilities cannot be repaid unless the military spending is largely cut.
He pointed out that another aspect of the country's failing situation is that the US has exported between 6 million and 10 million jobs.