The last time we had a modestly comparable collapse in overnight trading, a certain futures trader from SocGen whose gimmickry had been uncovered, caused the Fed to lower its Fed Funds rate in an emergency meeting first thing in the morning. Which is why we wonder, should the ongoing rout accelerate, to an extent driven by the decimation in the Korean Kospi, down -9.5% at last check, but also due to increasing worries the Fed may not announce QE3 tomorrow (or if it does, it will be OT2-like and won't have any actual LSAP component to it), whether Bernanke will be forced to have an emergency address with market in the morning, around 7 am, in order to prevent what is shaping up to be a market collapse of epic proportions. And certainly not helping matters is either Chinese inflation coming in hotter than expected, (see prior post), nor the fact that in the People's Daily, PBoC advisor Xia Bin said that China doesn't rule out "normal market operations" to promotes is own interested when necessary amid the US debt turmoil. "China should set up an overseas investment committee to accelerate the strategic use of foreign exchange, Xia said, according to the report. This committee should organize storage of strategic materials, Xia said, according to the report. The country should allow and encourage companies to purchase foreign exchanges with the yuan, the report said, cited Xia as saying." Wait a minute, you may ask, how does that work without China floating the Yuan? The answer: precisely. So while we wonder just what punitive measures China will take to make sure America behaves, here are the futures. We will update this chart if anything insane occurs.