Since 1907, there have been five major financial crises in the United States and the global economy. The first crisis was the “Panic of 1907” which was the catalyst for the formation of the Federal Reserve System in 1913. This crisis was initiated by an attempt by the Heinze brothers to corner the copper market at a time when the banks and stock markets were unregulated. Their scheme failed, copper prices fell, their investors went broke, their New York bank experienced a run by their depositors to get their money out, which spread to depositors at other banks worried about the security of their deposits to “run” to their banks and withdraw their money. This banking failure contagion spread like financial COVID infecting the…