IRGC Official Says Capitalism on Track to Collapse

IRGC Official Says Capitalism on Track to Collapse

TEHRAN (Tasnim) – As many public sector employees in US are bracing for layoff following the federal government shutdown, an IRGC official said the capitalist system is bound to collapse as it is based on a wrong worldview.

“In the course of the past few decades the proponents of the capitalist system have introduced reforms and pared layers of it so that they can keep it together, but since the worldview on which this system rests is a corrupt one, it is doomed to failure sooner or later,” Hojjatoleslam Ali Saeedi, the Supreme Leader’s representative in the IRGC, told Tasnim News Agency on Tuesday.

The capitalist system it is based on materialism, individualism, and unlimited liberties, and has led to the emergence of a discriminatory system in which 1% is on one side and 99% on the other, he added.

Saeedi also referred to the sanctions imposed on Iran by western countries, saying they are a lot more devastating for the US and the Europeans, as, he argued, Iran's discourse is undepinned by a strong logic and the freedom- and peace-loving people in the West find Iran's logic to be a sound and rational one.

The US government has begun a partial shutdown after politicians on Capitol Hill failed to agree a new budget for the 2013-2014 financial year. 

The Republican-led House of Representatives insisted on delaying President Barack Obama's healthcare reform as a condition for passing a bill.

The shutdown, the first in 17 years, will bring a range of services to a standstill across the world's largest economy. More than 700,000 federal employees face unpaid leave with no guarantee of back pay once the deadlock is over.

And as congress members wrangle over the budget, the October 17 deadline to raise the US debt limit is approaching. If Congess fails to raise the $16.7 trillion debt ceiling, the Treasury could run out of money to pay the interest on US government debt, and the US defaults in a technical sense if it misses an interest payment.


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