During the Yom Kippur War, pitting Syria and Egypt against Israel, OPEC used oil as a weapon against those who supported Israel, establishing an embargo on Arab crude.

The price of oil rose while production stopped, especially in the US and the Netherlands. The embargo only lasted five months, but the effects still endure.

In late October 1987, the Australian stock market fell 41.8 percent, Canada fell 22.5 percent, the United Kingdom fell 26.4 percent, and Hong Kong fell 45.8 percent. All this is due to the strange disappearance of 500.000 million dollars from the New York Stock Exchange, yet to be explained.

Otherwise known as Operation Desert Storm, was a war conflict that pitted Iraq against an international coalition made up of 34 nations and led by the United States.

The war began on January 17, 1991, in response to the Iraqi regime’s invasion of Kuwait in 1990. The Iraqi government eventually agreed to withdraw from Kuwait, whose sovereignty was restored on March 3, 1991.

Mexico’s economic crisis of 1994 was caused by the lack of international reserves, causing the devaluation of the Peso during the presidency of Ernesto Zedillo.

The president of the United States, Bill Clinton, authorized a line of credit for $20 billion dollars for the Mexican Government that would allow it to guarantee its creditors full compliance with their financial commitments.

The Asian Financial Crisis was a period of financial difficulty that gripped Asia in July 1997 and raised fears of a global economic disaster from financial contagion. Also known as the International Monetary Fund crisis, it began on July 2, 1997, with the devaluation of the Thai currency.

With the internet and electronic commerce booming, business models using the world wide web began to appear. In many cases, these dotcoms were nothing more than business models. 

For being only speculation, The Nasdaq bottomed out in October after falling 78% to 1,114 points. Of course, the fall of the dotcom did not take place only in the United States, but it reached the whole world.

The US economy was already suffering from the aftermath of the dot-com bubble burst in mid-2000 and terrorist attacks added further damage to the US economy. The attack on the Twin Towers was a severe blow to the companies that had their offices there, but also for the small businesses located in Manhattan or near the Pentagon.

Lehman Brothers Holdings Inc. was an American financial services company founded in 1850 and declared bankrupt in 2008.

On September 15, 2008, the Lehman Brothers bank declared bankruptcy with a liability of 430 billion dollars, which produced a domino effect, leading to the greatest global economic crisis in history, called the Great Recession.

This economic crisis affected the entire world, having important consequences for the population and citizens throughout the world.

The impact of COVID-19 has given rise to numerous comparisons: with the global financial crisis of 2007-08, with World War II, and even with the crises that we only know about through history books. While such comparisons may seem dramatic, the pandemic has had a far-reaching effect on nearly every aspect of development like a few former crises.

On February 24 Russia launched what it hoped would be the lightning invasion of Ukraine.

More than 50 days later, the accusations of war crimes, the devastation, and the massacres of Ukrainian civilians overshadow, if possible, the major blow against peace in Europe since the Second World War.