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At risk of being accused of being a fear-mongerer, I've made several posts recently pointing to very ominous signs on the direction US markets appear to be going. At least I haven't invoked the Four Horsemen...yet. I'm not the only one who is being a Nervous Nellie about it either. Today, though US markets are closed in honor of MLK, global markets are tanking in anticipation of a US recession:

Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.

Japan's benchmark Nikkei 225 index slid 3.9 percent to close at 13,325.94 points, the lowest in more than 2 years. China's Shanghai Composite index plunged 5.1 percent, the biggest percentage drop since July 5, to 4,914.44.

India's benchmark Sensex stock index fell as much as 10.9 percent before closing down 7.4 percent. Hong Kong's blue chip Hang Seng index, meanwhile, plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.

Investors dumped shares because they were skeptical about an economic stimulus plan President Bush announced Friday. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.[..]

Markets in South Korea, Australia, Singapore, Taiwan and the Philippines also sank.

But on FOX Business Channel, things will be just fine if no one panics, because the global markets are tanking not because of US market issues, but because of the valuations in their own markets were over-inflated. Uh huh.