It Is Time to Redraw the World's Economic Map

The recent turmoil in global financial markets is being caused by more than just late summer concern about China. The hefty price drops see on the Chinese stock market have to be taken seriously and one should consider the cause. My assessment remains unchanged: it was primarily a speculative price bubble driven by domestic private investors. It's fully understandable that this provides some uncertainty among investors around the globe. But the negative impact from China does not provide an explanation for declines in global equity markets over the last two weeks. The truth is a deeper global economic shift is occurring.