Let's be honest with ourselves, OK?
China is all that really matters for global stock markets.
If China's economy slows more than expected in 2012 -- and grows at something significantly less than the 8.2% to 8.5% now expected -- it won't really matter what the eurozone nations do about the Greek debt crisis or whether the United States stimulates its economy. In 2012, growth in the world economy will slip far enough to throw the developed world into something very close to a recession, and global stock markets will suffer through yet another painful bear market.
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