烏魯木齊JJ說 digital content

China could be another black swan. This is the first global recovery led by China, and China clearly matters a great deal to the global economic outlook. There've been some recent jitters because China, over a very short period -- one year -- has inflated a big real estate bubble, just as we did not too long ago. The Chinese authorities are moving to take the air out of that bubble by restricting credit, but history shows that it's hard to take the air out of bubbles -- they usually burst. If that happens and the Chinese economy gets noticeably weaker, that will be bad news for the global economy and for stock markets around the world. That wouldn't be much of a surprise -- sometimes you can see swans off in the horizon. It's like the Alfred Hitchcock movie "The Birds." You see one, two, and then, all of a sudden, they're all over and attacking.