In news from financial markets, the Chinese stock market has continued to drop, following a dramatic plunge yesterday dubbed “Black Monday.” The decline shook markets around the world. After the New York Stock Exchange’s opening bell at 9:30 a.m. Monday, the Dow Jones Industrial Index immediately plummeted a record 1,000 points before eventually closing down nearly 600 points. In China, the decline continued Tuesday, sparking fears among Chinese investors that the world’s second largest economy may be much weaker than expected.

Jerry Xu, Chinese investor: “I think it must be an omen of a coming global financial crisis. Not only is it the Chinese stock market, but also Europe and the United States stock markets dropped a lot yesterday. It’s not only China’s business. It may be an omen of a coming financial crisis for the world. So I think it’s pretty serious. I’m not optimistic about the future of the market.”

Over the last three days, the market’s decline has erased nearly $3 trillion in value from stocks globally. In the United States, stock prices are expected to stabilize today. We’ll speak with economist Michael Hudson after headlines.