By Carlos A. Quiroga
8.49 points. On the Richter scale, it would be a devastating earthquake, at large scale.
In the thermometer of world markets, the 8.49 percent Monday drop of the Shanghai Stock Exchange accounted worse than a great earthquake, something comparable to a tsunami of global impact.
The collapse of the largest stock of China caused the problems in the economy of the Asian giant become a worldwide problem, not just a concern of statesmen and analysts.
The shockwave from Shanghai sank first the Asian markets, did plummet to European stocks and ended up destabilizing the NYSE and its quasi dependent Latin American markets.
With markets fell commodities, as oil, that was already weakened in recent weeks and ended up closing below $ 40 a barrel, its lowest price in six years. Other commodities also sank, except gold which benefited slightly from the speculation caused by investors’ desperate search of a safe haven.
With markets fell mainly global confidence in the Chinese engine that pulled the economy in the past two decades and seems to be irretrievably losing its potency.
Chinese leaders, until recently admired and now questioned by the world, have their say, or decisions.