Chinese Stock Market loses $3 TRILLION in a month

Tornado F2 wrote: ↑Forget the latest Greek crisis, this is HUGE:

Chinese Stock Market loses $3 TRILLION in a month. Many of China's poorest have, with government encouragement, poured their modest savings into the stock market, and now face the prospect of losing it all. The corporate impact will likely result in huge numbers of layoffs. The HK Stock Market is rapidly selling off Chinese shares. Other major world stock markets have stopped trading in Chinese stocks. With all those people impacted, and many now facing unemployment, what's next?

(Possibly unrelated, but the NYSE was shut down for a while this morning due to "computer glitches". Other "glitches" experienced at United Airlines and the Wall Street Journal website. Homeland Security are investigating...).

What's going on? Is the world economy falling much further than anybody could have possibly imagined? If China's losing that much wealth, what will the spillover effects be on Canadian real estate? On the world economy in general?

HUGE.

Drew87 wrote: ↑maybe people will slowly realize that Greece isn't the biggest issue out there.... We're just the scapegoat right now and the EU likes to pick on them... "oh Greece owes us money" http://www.nytimes.com/2015/07/08/busin ... reece.html

Please, Germany, France, they had debts way bigger then Greece ever did and Im not sure but I read somewhere that they never paid off their own debts.

Drew87 wrote: ↑maybe people will slowly realize that Greece isn't the biggest issue out there.... We're just the scapegoat right now and the EU likes to pick on them... "oh Greece owes us money"

Please, Germany, France, they had debts way bigger then Greece ever did and Im not sure but I read somewhere that they never paid off their own debts.

iownyou wrote: ↑right....blame others for your own mistakes....how original

Tornado F2 wrote: ↑Not to minimise Greece's problems, (Retirement in your 50s? Really? You're broke!) but the German government's attitude does seem a bit much considering that much of their debt was forgiven post-war, and during the war itself they of course invaded and occupied much of Europe, including Greece. Nobody helped Britain out with its huge war debt either - racked up defeating the Nazis and freeing much of Europe from them. (The French treasury stayed safe and untouched in US banks). Now Germany and France think they run Europe...

Anyway, staying on-topic, this thread is about those HUGE Chinese losses. Whatever Greece's total debt is, it's tiny by comparison. $3 trillion. $3,000,000,000,000. In one month.

Drew87 wrote: ↑or right, pick on a country that hasn't been in a position that other countries haven't been in themselves (and even worse positions at times) and were treated better at the time... But yes, please, lets act ignorant to history.

Go on man. I'm not going to post in this topic any more.

Drew87 wrote: ↑or right, pick on a country that hasn't been in a position that other countries haven't been in themselves (and even worse positions at times) and were treated better at the time... But yes, please, lets act ignorant to history.

Go on man. I'm not going to post in this topic any more.

iownyou wrote: ↑it's not about picking on a country....its about owning up to your mistakes.....

Tornado F2 wrote: ↑$3 trillion. $3,000,000,000,000. In one month.

Just look at those numbers. That's $100 billion lost in a day - followed by 29 equally disastrous days. And no sign of it ending any time soon.

ENORMOUS.

thelefteyeguy wrote: ↑ah...so it finally hit mainstream media...lol.

Asian news media has been reporting this for 2 weeks now

smacd wrote: ↑Any market which has gains of 150% in 12 months is bound to correct!