Ray Dalio, one of the few macro mavens worth listening to, recently came out with his 2012 Q2 letter to investors.
On an interconnected global economy:
"The breadth of this slowdown creates a dangerous dynamic
because, given the inter-connectedness of economies and capital flows,
one country's decline tends to reinforce another's, making a
self-reinforcing global decline more likely and a reversal more
difficult to produce."
If China is truly slowing down it's important to think about how this affects the price of commodities and similar inputs to the Chinese economy. How will that affect export countries of those goods?