The American Empire Is Declining and With Its Capitalist Center

Economic Update is produced by Democracy at Work, a small donor-funded nonprofit media organization celebrating 10 years of producing critical system analysis. We are speaking with Janis Varoufakis, member of the Greek Parliament; we'll be right back to hear what he has to say in response to the question. The U.S. economic machine has been faltering and declining since the mid-60s, you know, when the United States lost its trade surplus. All this is in decline, but the hegemony of the United States does not depend on that -- it hinges on the power of the volunteer class.