TIME DESCRIPTION OF ECONOMIC REFORMS

The article substantiates the assertion that the global crisis, the nature of which differs from the crises that society has already experienced in its lifetime, is associated with a drop in demand and consumption, so modern financial structures will take a long time to get out of it. The purpose of the article is to conduct a structural analysis and characterize the uniqueness of the modern financial crisis, to display the features and causes of its occurrence. The object of research is the nature of the emergence, formation and course of the modern financial crisis, the consequences of which will accompany both business structures and the private life of citizens for a very long time. Research hypothesis. Contrary to popular belief, the coronavirus pandemic is not the fundamental cause of the current crisis. The crisis has nothing to do with COVID-19. This crisis has been coming for years, relentlessly and unhurriedly. The pandemic only whipped it up, made it more obvious. Presentation of the main material. The nature of the current crisis is different from the nature of its predecessors: Black Monday in the United States in 1989, the dot-com crisis in the 2000s, and the US subprime crisis in 2008, when the economy was recovering relatively quickly. These crises were “financial” bubbles, the deflation of which led to a sharp slowdown in the economy. But the exit from them was relatively quick, 1-1.5 years. Everyone knows that the physical stock of US gold is limited to the amount held at the New York Fed Bank and at Fort Knox. Therefore, you cannot "print" as many US dollars as you want. However, R. Nixon removed this restriction. The Fed was then able to print unlimited dollars. Originality and practical significance of the research. The Fed can no longer stimulate consumer demand through the mechanism of lowering interest rates. This means that there will be no demand in the future. And if there is no demand, then again there is a crisis of overproduction, the economy slows down and enters a recession. Conclusions. The current crisis will drag on for a long time, moreover, it will be accompanied by the protection of their own economies by different countries, protectionism and the formation of zones of their own consumption within their countries. And these processes are already beginning to come true. Examples are the duties imposed by D. Trump, Britain's withdrawal from the "Euro zone" and the formation of settlements between countries through the mechanisms of national currencies.

structural crisis, emission, national interests, stimulating demand, credit money

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