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Hello,
A broken speaker wouldn't cause the feedback you describe. Speakers only do one of three things: It works, it doesn't work, or it works but sounds distorted. The latter two are caused by damages to the coil and/or cone itself (or in the case of distortion, junk on the cone, loose baffle-board, bad output section, etc. etc.). There are easy tests that can be done, but there really is no need.
Obviously, the amplifier/output section is working, but without hearing/seeing/smelling the thing, it is almost impossible to tell you if it is working properly. Could be an oscillation somewhere in the circuit, could be any number of things. These things have an exceedingly simple design, so I'd suggest finding someone who is good with electronics and let them track it down with an oscilloscope or some other means. Unless it is a major overhaul, I don't see it costing too much for a repair.
Good luck!
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