I wonder if China isn't the bigger deal- the crash there seemed to initiate earlier and independently.
Anybody who thinks they know what's going to happen here is foolish- probably speaking more to their own economic religion than anything.
There are numerous possiblities- including that as PBOC and the EU/SNB, (and UST/Fed, presumably) step in to backstop the markets everybody on the planet breaks the code and understands that ramping markets is all they got left- Dow to 30,000 quickly before an even worse denouement. That would probably be positive commodites for a while.
My thinking- as I said a function of my own religious denomination- is that China is possibly in further than we recognize and the recent stock explosion was already a hail Mary against a deflationary tide (and currently failing, although far from decided).
For all the worrying about China's growing influence I've contended that they never adopted capitalism, rather they jumped straight to our decadent form of end stage financialism and we should just leave them alone to swindle one another into oblivion.
