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The following is a LT chart of ISM Manufacturing Index. This index is heading into to severe recession territory. The reason why this chart is the only thing that matters is because manufacturing is the only alternative that US has to stave off debt collapse. The service economy is a fraud and guarantees a trip to what Michael Hudson calls path to debt peonage. This is a short synopsis of what is happening:In order for select group of major US multinational corporation access to Chinese markets, US Government allowed by negotiated multinational agreements to offshore US manufacturing base to China.It is this negotiated global trade that has created credit and flow of funds imbalance that is responsible for creating global trade bubbles and resulting debt bubbles in Western societies because of direct foreign purchases of Western debt with windfall trade dollars, which then caused mispricing of risk and interest rates.This process also led to massive wealth transfer/accumulation, offset by debt creation, where for example wealth distribution in US stands now at 90:10 in favor of the top 10%, with the top 1% controlling about 70% of all wealth. The beneficiaries of this global trade were Asian exporters, Western CEOs and financial engineers. However, in order for Westerners to continue to consume imported goods, huge debt piled on debt needed to be created to sustain this global trade scheme.In the end, this process allowed for Asians and South Americans to be lifted from abject poverty and creation of global billionaire elites; but it bankrupted Western consumer societies.Global trade must not be unbalanced: it must be reciprocal. Chinese are as responsible for this negotiated global scheme as US corporate CEOs. Greed and selfishness are universal.