We Are at the Point of a Global Financial Crises: Rickards

China is facing a severe crisis with its wasted investment, leading to a debt trap and a lack of transition to consumption-driven growth. New challenges, including financial panic and corporate failures, could trigger a global financial contagion. The collapse of shadow bank Zhongrong International Trust is one example, and regulators are struggling to respond. China’s stock markets may plummet, leading to a potential collapse that will affect global markets, including the United States. Investors should prepare for a U.S. stock market crash, bank failures, and mounting bad debts.

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