He's not speaking so much about the death of liberalism as he is about the death of a country, our country. You cannot argue that both parties have not failed us. That both parties are not complicit in our demise. That both parties are not bought and paid for, or that we are subject to this inverted Totalitarianism he speaks of.
I would argue what passes for capitalism in todays world is not really the cannablism he speaks of. It's more like being slowly consumed by a swarm, a small but powerful swarm of locust. This swarm moves from one sector to the next and so on until the entire country is consumed. Then they move on to the next country.
I have said it here before, and I'll say it again. The decision was made back in the late 70's, early 80's, that it was more profitable to destroy America rather than tool it up for the 21st century. As they gut what's left, they build abroad and will eventually consume what get's built there. 200 years from now America will have been in 3rd world status for several decades and the cheap labor will be here. Round and round it goes.