This latest Google update has been in process for a while and has been targeting spam sites, mostly websites abusing unrelated link exchanges and/or having pages solely built to make money with affiliate programs and AdSense.
I’ve been repeating it here many times, but if you are serious about earning an income online, you will need to work on building a genuine site with valid content — easy schemes and fake content sites might do the trick for a few weeks but they will unavoidably get caught by one of Goggle’s updates and be dumped from search results.
In addition, if you don’t want your online business to depend on Google’s moods, it is recommended to strengthen your presence in other search engines and have recourse to online/offline advertising.