FINANCIAL CRISES OF THE MODERN AGE

The future cannot be predicted if the present is not understood. The present will not be understood without previous analysis and comprehension of key events from the past. In order to find appropriate answers on challenges that the world has been facing from 2020, related to current global economic crisis, caused by pandemic Covid-19, it is necessary to understand the essence and deeper causes originating from the distant past. Only this is the way to find optimal solutions for eliminating current problems of the global crisis. Otherwise, the crisis will likely return with even more destructive consequences. Searching for the answers on numerous questions of the current crisis, experience from the period of the Great depression and after the World War II to the recent crisis of the subprime real estate market in the USA is of a priceless importance. The Covid-19 virus pandemic is not over yet, so all its consequences have not been registered and measured, but if it continues for a long time, it will surely be the mother of all financial crises.