Black Monday? Global Markets Crash

The Toronto stock market plunged almost four per cent in early trading on rising worries about the depth of an economic downturn in the United States.

The U.K. benchmark FTSE-100 dropped 3.9 percent to 5,673.1; France's CAC-40 Index plunged 4.5 percent to 4,861.2, while Germany's slumped 5.35 percent to 6,922.7.

In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks. More here.

As of about 3pm, the TSX has lost 70 billion dollars, about 4 percent of its index. This wipes out all the gains from 2007.
Predictions continue about sharp losses tomorrow when the American exchanges open.
Could this be the beginning of the predicted massive crash, synchronized global crash, causing worldwide upheaval?
As of about 8pm EST, the Nikkei index of Japan is down 600 points and the Australian ASX has shed 5% of its holdings.