Conventional wisdom at the moment says that China’s coming unglued and the country’s stock markets pose a grave danger to global investors. The third time was November 6, 2007, with the S&P 500 at 1,520.27. Over the following 16 months, the S&P 500 declined 55.5{bf6128eaee7daf804a40e739f155a69f2d5a72ca2bacccc9954495bcd60bdcac} to 676.53 – its largest medium-term percentage decline since the Great Depression. I am not in the bubble camp, but I am growing more cautious about the state of the stock market. The Stock Market Crash of 1929 kicked off the Great Depression Over four days, share prices fell 25{bf6128eaee7daf804a40e739f155a69f2d5a72ca2bacccc9954495bcd60bdcac}. If Hussman’s analysis is correct,…