While events in Greece are grabbing much of the financial and mainstream media’s attention, what’s been happening in China is of far more importance.
Greece is about 4% of the total EU GDP. China meanwhile, has been the engine that has pulled much of the world’s economy for some time now.
There use to be a saying that when the U.S. economy sneezed, Canada caught a cold. This was due to the fact that the U.S. and Canada were the world’s largest trading partners and Canada was very dependent on the U.S. economy.
The “Don’t Worry, Be Happy” crowd would have you believe all you need to say to China is “gesundheit”.
Depending on what takes place in the coming days and weeks, a box of Kleenex may be woefully inadequate.