- American Hegemon’s Bankruptcy is Only a Matter of Time… the Nearest Time
Amid official economic statistics that claim “the world’s largest paper economy is in a marvelous recovery” and the insistence of leading US economists that the national debt doesn’t matter as it is owed to itself, geopolitical analyst F. William Engdahl argues that the country is almost bankrupt and its end could be nearer than any of us imagine.
F. William Engdahl has refuted the claims of leading US economists, including Noble Economics Prize winning Paul Krugman, that debt in an economy, especially the world’s most debt-bloated economy, the United States “doesn’t matter,” as it, to a large extent, owes money to itself.
“Today the US financial economy is going into a new downward spiral led by debt,” the geopolitical analyst, who is also a strategic risk consultant and lecturer with a degree in politics from Princeton University, writes in his article for the New Eastern Outlook. The author elaborates that indebted American consumers are the main reason for such a pathetic state of the country’s economy.
He cites the results of a recent study which revealed that in 2015 the average American household had $129,579 in debt — $15,355 of it on high-interest credit cards.