Fretting about China's property market makes sense

New York

AMERICANS enjoy an unusual kind of security - their big, domestically focused economy isn't very vulnerable to external shocks. But most people around the world don't have that luxury: Their jobs, businesses and livelihoods are very sensitive to events in far-off lands, and the choices of leaders they don't elect. Right now, much of the world is in danger from a potential recession in China.

China, which still is the biggest contributor to global growth, has been looking shaky for a couple of years now. Growth is down from insanely …