RISK is a four letter word and it become cult with some models like VAR , stress testing analyses. Time and again the crisis have proven you cannot copy paste the past for the future predictions. Markets have become more volatile , more extreme operational risk, systemic risk become the buzz word, I am posting some events that I can recall in the global economy :

Year Events Discription
1987 Stock Market Crash Dow Jones equity indices fell 31% over one week with similar falls in the other major global markets
1990 Junk bond crisis Bankruptcy of Drexel Burnham Lambert and collapse of junk bond market , collapse of US savings and loan institutions
1991 Gulf war (First) Oil prices characterized by extreme volatility
1994 US int rates / Mexican crisis US int rates rise rapidly triggered massive loses in highly leveraged derivative positions. Mexican market collapse triggered significant emerging market liquidity crisis
1997 Asian Crisis Collapse of Asian equity and currency markets. Triggered the collapse of a no. of corporations and falls in asset prices which create a major bed debt crisis in financial institutions
1998 LTCM collapse & Russian Default Russia defaulted on its debt, triggered an emerging market collapse. LTCM collapsed and has to be bailed out by a group of banks under the auspices of the US Fed reserve. Rise in the credit spread
1999 Gold market Gold prices rise rapidly after central banks announced reduction in planned gold sales and gold lending programmes, it created huge losses for gold hedgers with large forward sales.
2000 TMT stocks (IT) The TMT market experiences un precedents volatility. Nasdaq falls by almost 50% over a short period as investor exit TMT stocks. . It could happen again with valuations of the IT companies now
2001 Argentina Argentina defaulted on its debts setting off a crisis in emerging markets
2002 World Trade Centre attack/Enron collapse Attacks on the world’s trade centre disrupted trading and triggered a flight to quality in financial markets, Bankruptcy to Enron, WorldCom fraudulent accounting practices
Creative accounting
2005 Corporate Credit Credit risk margins declines unprecedentedly . General motors and fords became junk sell of in credit markets losses to hedge funds.
2007-2008 Sub-prime Crisis/ Lehman Bankruptcy Biggest Crisis sucked out all liquidity from the market, was termed as Systemic crisis , Financial institutions failed , artificial derivatives linked to Mortgages failed (MBO, CDO, CDS were the buzz word) FAIRY TALE OF INVESTMENT BANKING
2009 ( On going) Euro Crisis/Greece default/PIIGS I did lot of stories over it 2011 Euro zone and the unanswered crisis
Europe is Freezing !! Defrost needed for Greece soon