October 12, 2007 (LPAC) - The reality of the collapse of the U.S. economy is showing itself in Asia in the form of collapsing exports. The U.S. import machine was based on pure debt, household and business, with no one actually paying for the imports with any physical goods, just increasingly worthless dollars which accumulated in central banks, helping no one but the speculators. For the first time in many years, the Philippines exports fell in August, "due to weak shipments of electronics and a dip in purchases by the United States, which at the time was in the throes of a housing sector-led credit crunch," according to the Manila Times.

The Philippines National Statistics Office (NSO) reported that exports fell 4.8 percent in August from last year. Besides electronics, garments and petroleum products also fell, as the Philippines' biggest market, the US, can't continue getting something for nothing.