Today’s Big Economic News

Forget about the Dow, S&P and NASDAQ plunging off a cliff today. Forget about Governor Schwarzenegger declaring a fiscal emergency in California. The really bad news today is that the U.S. Manufacturing index dropped to 26-year low.

As Peter Schiff has said time and time again, without production and saving we are headed for a depression worse than that of the 1930’s. Our phony consumerist economy based on fiat money and credit is unsustainable. We are seeing its final desperate gasps right now. What will replace it when it finally dies? That’s the real question. Any guesses?

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