Abstract. The Global Economic Crisis has shaken the global economic system to the ground determining the economists all over the world to try hard to get the causes and mechanisms of the crisis right. Worldwide timing impact of the crisis was caused by the deterioration of aggregate demand, the uncertainty of the business environment, the rate of financial constraints and market collapse of assets. Considering that the current crisis featured some close similarities to earlier ones we try to answer two questions of the major global crisis: what are the similarities and how costly is the current crisis.

Keywords: economic crisis, global economics, financial cost.