Editor’s Note: Lew Rockwell is a died-in-the-wool libertarian. He says this recession is a correction to an overly pumped economic boom. It is not an aberration crying out for correction. It is the result of an unsustainable economic bubble that preceded it. Lew says it should be welcomed in the same way we welcome a sober day after a drunken evening, or the detoxification of an addict after a period of addiction.

Editor’s Note: John Williams at ShadowStats.com warns that major foreign dollar holders could be about to dump the dollar. Meanwhile, a systematic crash in the threadbare US banking system is a distinct possibility thanks to the $391 billion in losses already suffered by US banks as a result of mortgage-related writedowns. All this, says The Mogambo Guru, means good news for gold and silver and a potential meltdown for US stocks, bonds and, of course, the dollar…

Here at Casey Research we have been on the record as bearish on the outlook for the economy for some years now. Lest you think that is loose boasting, I can offer proof in Doug Casey’s August 2005 article, the dramatically titled “Profiting from the End of Western Civilization”.

Tomorrow we pause to commemorate the achievement of the Founders in 1776. Today we reflect on the botch that subsequent generations have made of it.

Editor’s Note: Bill Bonner in The Daily Reckoning says the recent slide in the dollar is nothing compared to the all-out collapse that could be on its way. Central banks throughout the world are holding $5 trillion, and some are getting worried about the greenback’s decline. Meanwhile, the euro and gold are become increasingly attractive holdings. If global central banks start dumping their dollars, it could mean the end of the global financial system as we know it…