Amid the recent noise about Greece default risk and China bubble trouble, a much larger and more important issue is taking shape: the growing likelihood of a global recession. Investors and policy makers alike have been focused on the reflation story driven by the developed market (DM) economies of Europe, Japan and the US growing together for the first time since the Great Financial Crisis (GFC). However, the emergence of a sharp slowdown throughout the emerging market (EM) economies risks overwhelming that positive story. Recent price action in commodities, EM equities and DM sovereign bonds suggests a sea change might be in order.