"China Services PMI Crashes As US Lags Not Decouples"

"...the November print fell dramatically to its lowest level
since the middle of 2008's global economic meltdown.

Dropping below the 50 (deteriorating) line
for the first time since Feb2011
and combined with the dismal manufacturing PMI print
from earlier in the week,
...and with EM nations increasingly starved of credit
...it seems a game-of-chicken between the Fed and the PBOC
may begin on who prints/QEs first to save the world from reality
once again."