At the moment the panicseems to have subsided. And all it took was a word from China, the new lord and master of the financial universe. On Thursday the Chinese authorities let it be known that they intended to do nothing. Equity markets around the world thunderously celebrated. Huh? Well, under these circumstances, the Chinese doing nothing is a wonderful thing. You see, the Chinese government holds about $600 billion in government bonds issued in Europe. That's right -- the bonds of Greece, Portugal, Ireland, Spain -- the so-called "PIGS" nations who have been in the throes of a credit...