My concern is that while looking for troubles in the East, investors are neglecting unsolved problems in the west,' says William Littlewood

.... while looking for troubles in the East, investors are neglecting unsolved problems in the west. In the context of poor growth, the high levels of sovereign debt in many developed nations are unsustainable. This has been masked temporarily by the actions of central bankers, who have suppressed interest rates to historical lows and in turn made borrowing costs appear manageable.  

http://www.telegraph.co.uk/finance/personalfinance/investing/12128140/China-in-crisis-Another-credit-crunch-in-the-West-is-far-more-likely.html