Will China Destroy Us All?

I know some of you don't follow the stock market but today I've got an important economic lesson and warning to all of you who follow this show.
Over the past week, China's stock market has triggered its circuit breakers twice. What that means is, in the past week, twice they have had a 7% decline in prices. The tripping of theses circuit breakers has triggered a stop in trading in an attempt hold back a crash scenario. The U.S. has circuit breakers like this, but they are set at 20% giving U.S. markets much greater latitude to correct themselves.
What does all of this mean? Is China really in bad shape? How is this going to affect your life and your savings? These are all questions I want to try and answer in this episode.
For many years, the Chinese government would have us believe their economy has been humming along at 8-10% growth per year. This type of growth is rare especially in a post-housing bubble global economy. But as long as things remained calm and stock prices continued