Stock markets the world over plunged in value on Monday morning, andDamian McBride, Gordon Brown’s ex-head of communications and a former senior civil servant at the Treasury, thinks we're in pretty serious trouble.
"The Great Fall of China", otherwise known as “Black Monday”, has seen a reduction in value across European and Oriental markets borne out of shrinking Chinese domestic demand and cheapening commodity exports.
Once known for his delicate choice of words when briefing the yearly Budget, on Monday he didn't leave any doubt in his assessment of the current situation.
A crash, McBride claims, is “looming”.
For 18 months, the first thing I've done waking up on a weekday is search 'Shanghai Composite' on Twitter. This has been coming a long time.— Damian McBride (@DPMcBride) August 24, 2015
And he's given bizarre advice.
Advice on the looming crash, No.1: get hard cash in a safe place now; don't assume banks & cashpoints will be open, or bank cards will work.— Damian McBride (@DPMcBride) August 24, 2015
Crash advice No.2: do you have enough bottled water, tinned goods & other essentials at home to live a month indoors? If not, get shopping.— Damian McBride (@DPMcBride) August 24, 2015
Crash advice No.3: agree a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.— Damian McBride (@DPMcBride) August 24, 2015
Simply this, @AndrewzCooper - we were close enough in 2008 (if the bank bailout hadn't worked), and what's coming is on 20 times that scale.— Damian McBride (@DPMcBride) August 24, 2015
Others have been tweeting similarly extreme reactions under the hashtag "The Great Fall of China", apparently in jest.
The phrase began trending on social media, after being used by Reuters in a market report.
McBride's former boss may need to "Save the World".
Russia was mocked.
Economic commentators were ribbed.
The weather was cooperating.
Politics was never far away...
On the bright side, at least the left won't be able to blame this crash on "the bankers". More like "the Communists"... #GreatFallofChina— Toby Young (@toadmeister) August 24, 2015
But the real question was...
Suggest a correction
@DPMcBride So, is this happening in the next hour or so, or should I still get lunch?— Hank Single (@Hanksingle) August 24, 2015