As the Chinese stock market continues to collapse, I’m probably not the only one selfishly thinking: What does that mean for us here in the US?

A good question. And I wish I had a good answer, but I don’t. Nonetheless, let me throw out some thoughts anyway.

Clearly, the decline in Chinese stock prices will have an impact on other markets. I know that for certain because American stock markets have already been down for five straight days, including Monday’s 127.94-point drop in the Dow Jones industrial average to 17,440.59 and the Standard & Poor’s 500 index’s decline by 12.01 points to 2,067.64.

Over those five trading days, the Dow has declined by a total of 641.72 points and the S&P by 58.93 points. So, obviously, people are concerned about what’s happening in China — coming as it does when Europe is also in disarray and our own economy is not doing great.

But the US stock market may not be where the real trouble will happen. You should watch the US bond market closely. The Chinese government owns $1.27 trillion in US government bonds. Those are the largest holdings of anyone.

Beijing has been vigorously buying stocks to help its own markets. Even though this effort has been a failure so far, the Chinese government on Monday said it would increase the stock purchases to buoy the markets.

It won’t be long before someone asks: Where is Beijing going to get the money to bail out the stock market while also footing the bill for stimulating its economy?

And it won’t be very long afterward that someone says: It will have to sell some of its US bond holdings. Whether or not that ever happens, just a discussion of that possibility will have a profound effect on our country.

If the Chinese government actually starts cashing in US government bonds, interest rates in our country will rise whether the Federal Reserve likes it or not. And once rates rise, the Fed will be forced to join in by raising the short-term rates it controls.

Under this scenario, the Fed would lose control of US monetary policy.

If the Chinese become sellers of US bonds, someone else will have to pick up the slack. Japan and OPEC are both possible buyers, especially after interest rates rise and US bonds become more attractive. The US will still be a safe haven for investors — maybe more so if problems in China and Europe continue — but the shift from one group of buyers to another could be traumatic.

There are also the lessons that America can learn from China’s experience.

Specifically, we should remember what happens when investors can’t trust a government’s economic statistics. China could report tomorrow that its economy is booming — and nobody would believe it. That country’s credibility is shot.

We in the US are getting close to the point where people shouldn’t believe the economic data coming out of Washington. You already know what I’ve found during a years-long investigation of shoddy and purposely falsified data collection by the US government, especially the Census Bureau.

Last week came news that the Fed accidentally released a report from its staff claiming that the US economy was much weaker than Janet Yellen, head of our central bank, and her colleagues on the Federal Open Market Committee were letting on.

The staff’s conclusion shouldn’t surprise anyone. While the Commerce Department on Thursday will report a pickup in Gross Domestic Product growth in the second quarter, the US economy still likely expanded by only 1 percent during the first six months of 2015.

And even with the second-quarter pickup, corporate profits are still weak and revenue growth is nonexistent. According to Thomson Reuters, second-quarter corporate revenue has dropped 3.9 percent after 38 percent of the 500 companies in the S&P index reported their results.

Cumulative profits are down 0.3 percent in the quarter.

And what is happening in China is going to hurt the profits and revenues of many US companies.

Can the US stock market bubble survive all the bad stuff going on in the world? Sorry, if I knew that, I’d start a hedge fund and charge you for advice. But this much is certain: There is a bubble.

I learned a little about computer hacking from Shaun Murphy of PrivateGiant, a company that helps people avoid having their information stolen.

Did you know, for instance, that lots of information can be recovered from dating websites and social media like Facebook? And, says Murphy, “anything that has a personal linkage to who you are in real life” is extremely valuable.

For example, a hacker doesn’t always need to get your credit card or Social Security numbers to score big. The names of your best friends, pets and first school and other trivial information allow a hacker to become you.

“It lets me take over your digital identity,” says Murphy. Each bit of personal information can sell for $1 to $6 on the so-called Dark Web.

Murphy and I plan to go shopping soon. Maybe we’ll buy your mother’s maiden name or splurge to find out your dress size.