And what about a China meltdown? In fact China and America are both sides of the same economy.
The capital sin in the Eurozone has been banks financing Socialist governments, hence hidding the consequences of Socialist policies for some time whilst the situation was really worsening. That is plainly a manipulation of Democracy and should be considered a crime.
Now Eurozone banks have discovered, horrified, that their support to their Socialist partners in no guarantee that they will be bailed out.
You are right about China but putting names on a line of dominoes is problematic since the whole world uses the same banking system one way or another.