Glenn Reynolds at Instapundit had a good roundup last night of the accelerating trouble in China, here:  http://pjmedia.com/instapundit/148570/

I predicted China’s descent years ago, not because I’m particularly good at political or economic prognostication, but because it was very clear that the leaders of that country were willing to do everything BUT what it would take for the nation to succeed:  freeing their people.  But of course, that would have cost those leaders their jobs, so that makes them the more common “leaders” that the entire world is afflicted with almost universally these days.