SHANGHAI -- "Markets with Chinese characteristics" are as volatile and hard to control as markets with American characteristics. Markets invariably take on a life of their own; they cannot be easily ordered around. To the extent that markets can be controlled, it is through setting the rules of the game in a transparent way. The policy approach China adopts will strongly influence economic performance and prospects worldwide.
The only cure for the world's malaise is an increase in aggregate demand. Far-reaching redistribution of income would help, as would deep reform of our financial system -- not just to prevent it from imposing harm on the rest of us, but also to get banks and other financial institutions to do what they are supposed to do: match long-term savings to long-term investment needs.
For those turned off by my considering anything other than the issues, I can't help you. And for those who were hoping I'd bash either of these Democrats, well, I can't help you either. As of now, one of these two will be the Democratic nominee (could Joe Biden shake up the race? I doubt it, but one never knows). I would be happy and proud to work for and vote for either Hillary or Bernie in the general election.