This book captures the important crises events of financial history, since the 18th century, while beautifully narrating how the innovation, whether financial or technological, eventually culminates into the financial crises of systemic proportions. It also exposes the fact that no historical lessons were learnt from the egregious errors of the past neither by the investors nor the policy makers. Through this work author debunks the folly of ‘this time it is different’ fallacy of investors to justify their euphoric acts of investments by meticulously researching eight distinct episodes of financial crises of systemic proportions, that were commonly associated with innovation, right from the liquidity crisis of Europe in 1763 to the recent global financial crisis of 2008. This unique work reveals how the recent crises unfolded in the last few decades in the form of tech bubble in late 1990s, the collapse of LTCM, the great financial crisis of 2008 was similar to the crisis witnessed centuries ago and prepare the readers to face the next impending debt crisis, with confidence, in the post covid world. Apart from capturing the euphoria of businessmen and investors surrounding the new technologies of the time that eventually culminated into systemic crisis the book also discuss the role played by the Federal Reserve during important crisis periods. Moreover the book also provide enough insights into how the application of mathematical models in finance is making the global financial system more vulnerable to the risks of systemic proportions by exploring the applications of Black Scholes model in program trading of 1987, and risk neutral arbitrage strategies, along with huge leverage, adopted by a giant hedge fund: LTCM that eventually exploded and the role played by Gaussian Copula function in the great financial crisis that has infamously gone down into the annals of financial history to have killed the Wall Street in 2008.