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In Gansu Province, the floods reached three stories high, and the wooden homes of many villagers collapsed. The province is among the hardest hit by the floods along the Yangtze River, which is already seeing a fifth wave of the floods, despite the fourth wave still not being over.

Meanwhile, the chairman of the China Banking Regulatory Commission, Guo Shuqing, is warning of a potential global financial crisis and is blaming the United States for impacting the US dollar through a Federal Reserve stimulus, and for blacklisting Chinese companies and entities.

And in a recent article, Xi Jinping, the head of the communist party in China, said \u201cThe foundation of China\u2019s political economy can only be a Marxist political economy, and not be based on other economic theories.

These stories and more in this episode of Crossroads.

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