"The real fallout from China's troubles would be regional." I wish that was true... though I wouldn't treat it as obvious fact.

China is big enough that it woes can cause global impact. Given that a lot of indexes (e.g. S&P500) are all time high, central banks have close to 0 interest rate, there is little room for maneuver...

Economist's recent article: http://www.economist.com/news/leaders/21654053-it-only-matte...