Since late last week, worries about slowing growth, financial-system shenanigans, and the potential for an "Asian Contagion" type spillover have whacked global stocks - and have left folks wondering if the Chinese Miracle is over.

Michael Bogner notes that public pensions have just $3 trillion in assets to invest to cover future retirement payments of $10 trillion over the next many decades. It would take an investment return of roughly 9% a year to meet those obligations.