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The True GDP has fallen to 15.38 billion gold ounces in Q4 of 2008. This is a decline of 12% from 1 year prior. Considering how dire the situation is it is not unrealistic to assume that it will go as low as it did in 1980.
The most noteworthy items in the new GDP number are personal consumption expenditures which have begun to fall from the previous quarter’s level for the first time since 1958 (!) . This marks an epic shift in American consumer behavior and is consistent with the consumer credit contraction that has already begun and will continue throughout the next years.