What if China Never Reopens?

I'm very sympathetic to emy. I have high lighted the to which chinese economic data is under performing expectations. The regulatory crackdown, as as we've discussed, has certainly exasperated sentiment. What i think is going to be interesting is what it means when china reopens. To a guy who's spent most of his time looking at china, the big deflationary force for the world. We need a big deflationary hit to come from somewhere. There's only two places that are big enough to provide the deflationary heads, assuming the us banking system isn't about to collapse.