For China, The Great Financial Crisis Is Now.

For American's it's a familiar story: a major financial institution, that's borrowed to the max, is on the verge of going out. And in the process threatening to take out many of the financial institutions which have supported it.

In America, the year was 2008, the institution was Lehman Brothers. For China, the time is now, the institution: Evergrande. And like Lehman, Evergrande's missed debt payments are so large, that when there likely missed early next week they could send the lenders themselves into bankruptcy.