And finally, crash panic: After June was still going well on the stock exchanges, August was difficult, and prices came back in September. At the end of the past quarter, there was fear that the gradual collapse of the Chinese Evergrande Group could trigger a conflagration à la Lehman Brothers. This danger has now eased, but the third quarter leaves us with mixed feelings. The most important developments – and what could result from them: 1. A newly recognized dependency: China’s real estate US economist Kenneth Rogoff already stated in 2020 that 15 percent of China’s economy consists of the…