Emerging Market Mayhem: Gross Warns Of "Debacle" As Currencies, Bonds Collapse

``The bigger picture problem (i.e. looking beyond the current downturn in commodities and the looming Fed hike) for EMs revolves around slumping global trade, a topic we've discussed at length (here, for instance). As WSJ notes, the downturn in trade which many had assumed was merely cyclical, may in fact be structural and endemic''