How High the Chinese Waves?

I know that I keep harping about China and the hot air in its economy, but I don’t see anything to suggest I am wrong. Just as the Arabs washed their money around the world in the 1970s and then later had their economies collapse with the oil price, just as the Japanese bought significant portions of America and elsewhere during the 1980s and then 25 years ago suffered a financial downturn from which they have never recovered, just as America in the 90s bought up large portions of properties in developing nations such as Indonesia and Brazil and then suffered a collapse of those markets, so now it’s China’s turn to experience their financial assets whisked off to money heaven.

This is all clear enough in my opinion. What is not clear to me is how damaging the waves of economic disruption emanating from the bursting Chinese bubble will be to other nations and which ones will be most affected. Will the result be decent surfing waves, or will they be a tsunami? I have to think that Australia will be heavily hit. Canada also, but to a lesser extent. Some African nations also.  And southeast Asia. Probably both Koreas.