This is so damn scary I cant believe it http://news.yahoo.com/s/ap/20070513/ap_on_bi_ge/china_stock_market_fever
US dollar has never been weaker, Global trading of Bonds has moved into Euro, The dollar is accepted but will be replaced in many global markets by the Euro and the Oil Markets are moving away from the dollar. America is Financially weak, household debt is larger than most other countries, negitive savings rate and housing is slowing. China is in a Financial BOOM. Their GDP is 10% growth per this year and next. Their Market is on fire, YEN IS STRONG, SAVINGS RATE IN CHINA IS HUGE, over 40% of what they make, they save. Now, the money is flowing into their markets. Conclusion, if your as debt free as you can be, you have a surplus of "Savings" in many diffrent forms of investments and you consider your self as liquid as possible, then you will survive. If you are like the rest of the 99.% population in America, you better worry about what is taking place in CHINA.
When this thing goes so will the Yen Carry Trade. I guess the yen will weaken some more tomorrow/'tonight?
A bubble is a bubble is a bubble. Your last statement is funny though. How many went homeless after the tech bubble? If the Chinese market tanks and common Chinese people lose their ass, they're going to suffer because their economy isn't as forgiving as ours. You're acting like China is a western world country and it's not and if the market there crashes you'll have a lot of people who lose EVERYTHING. A bubble bursting is pretty much a disappearance of money. The Chinese can save all they want, but if the bubble bursts and their stock accounts get chopped to bits, how does that make them well off? Many people investing in the market today have probably been saving for years and years and years. The naivete of your post is startling.