Last Thursday (Aug. 20th, A.D. 2015), the Dow Jones Industrial Average fell 358 points. The New York Times wrote “China Woes Send Stocks Into Tailspin” in an attempt to blame the fall in US markets on the previous fall in the Chinese stock markets and recent devaluation of the Chinese yuan:
“Stock markets around the world plummeted on Thursday, signaling that investors have not gotten over the shock of China’s devaluation last week and remain nervous about the health of the global economy.
“The selling began in Asia . . . . moved to Europe . . . and ended with a rush for the exits in the United States.
“The Dow Jones industrial average tumbled 358.04 points, or 2.1 percent, to close at 16,990.69.
“. . . the S&P 500 declined 43.88 points, or 2.1 percent, to 2,035.73, its lowest level in six months . . . .
“The biggest source of uneasiness right now appears to be China’s economy. Many analysts assumed that China’s recent devaluation was in part motivated by a desire to stimulate China’s economy. . . .
“But the devaluation stoked suspicions . . . that China’s economy might be weaker than its official figures suggested.”