Chinese Stock Market loses $3 TRILLION in a month
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?