We've seen this movie before but we also know how it ends. The Fed threatens to shut off the liquidity fire hose and the "markets" react by selling everything except treasuries. If today is the start of another such event, at least history has shown how The Fed will respond when the screws get tightened.
It's too soon to call this a general liquidation and it's way too early to consider it a global margin call. However, with no "relief" in yesterday's FOMC minutes, the global markets have all tightened up today and it's across the board. Check this as of 9:45 ET: