The demise of the American Empire has been predicted for decades. While this guy makes some good points about how the economy isn't fixed, they get lost in his sensationalist rhetoric.
The biggest flaw in his analysis is the fact that just about every other western nation is doing the same thing America is right now.
So perhaps it's time for the East to take charge again.
Sort of like the folks who have been predicting the demise of Microsoft for years but that just isn't happening. (hint: it's called leverage and MS/USA have shit tons of it)