China’s economic and credit explosion of the last five years appears to be imploding. The ramifications for the rest of the world are huge, in particular, resource dependent nations. Europeans can also forget about depending on China’s relatively poor population to support massive purchases of Euro bonds.

BOSTON (MarketWatch) — Forget Greece. Forget Italy. Forget “Occupy Wall Street.”
The really ominous news right now?
China.
It’s been the juggernaut carrying us all year. But Albert Edwards at SG Securities says the world’s second biggest economy is a “freak” and it’s starting to go berzerk.
Bad news.
What’s going wrong? How? Here are some troubling signs:
The housing bubble is finally bursting.

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