Ask HN: Is this the beginning of the 'Greater Recession'?

So we are currently seeing a severe market downturn over the past few weeks, China/Eastern markets have been taking a severe beating over the last year. We've also seen the collapse of the bitcoin/coin markets.

I'm wondering if people are worried that this could turn into a generalized global market collapse like 2008 (but this time worse!), and if so, what the solution will be to prevent it being as bad as 2008?