How bad could a Chinese debt crisis get?

In my last post (see The roadmap to a 2017 market top) I wrote that one possible bear market trigger would be a debt crisis in China. In response, an alert reader sent me this Bloomberg tweet and asked for my comment.

How bad could a China debt crisis get? In this post, I try to model the global effects of a China hard landing.

The full post can be found at our new site here.