China has vowed to plunge the world into an economic crisis by crashing the stock markets by 75%, which will be worst felt by Britain and America, a financial expert has warned. The West is feeling the negative impact of the sinking value of the Chinese currency already, which has almost crippled British industry which can’t compete with China’s cheap exports. Experts are now predicting a financial “ice age” for the global economy which they say is coming soon. Express.co.uk reports: Global deflation is going to wipe around 75 per cent in value off the American S&P stock market, as western firms will be unable to compete with cheap Chinese exports, according to analyst Albert Edwards from french bank Societe Generale. He gave the stark warning in an investment note to clients. And he blamed the upcoming ‘carnage’ on American central bank (the Fed) and its British and European counterparts for inflating prices in the first place. American Quantitative Easing (QE) – injecting extra money into the financial system – has pushed up global asset prices, teeing up a disastrous fall, Mr Edward believes. He said: “Investors are coming to terms with what a Chinese renminbi devaluation means for Western [...]