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"It is all part of the process of an unprecedented decline in America’s standard of living, which is the inevitable result of years of living beyond our means."

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by Peter Schiff, Euro Pacific Capital, April 18, 2008 Recent high profile bankruptcies of mainstay American retailers, such as The Sharper Image and Linens ‘n Things, as well as the proposed mergers between Blockbuster/Circuit City and Delta/Northwest, and the admissions from the nation’s leading student lenders that their business models are no longer viable, mark the beginning of a long overdue overhaul of the American economy. In short, the economy will be getting smaller and more expensive. The success of all of these seemingly disparate sectors depends, to a large extent, on the ability of Americans to continue to borrow cheaply and easily. Now that home equity extractions and zero interest credit card rollovers can no longer be used to fund electronics purchases, vacations or ...

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