  In Maslov (2003), a two level model of the occurrence of financial pyramid
(bubbles) has been considered. We also considered the mathematical analogy of
this model to Bose condensation. In the present paper, we explain why Ponzi
schemes and bubbles result in a crisis in real economics. In Maslov (2005), the
law of increase of entropy in financial systems, and consequently increase of
Kolmogorov complexity, is formulated. If this law is broken, the financial
system makes a phase transition to a different state. In Maslov (2005) the
author considered a two level model of the zeroth-order phase transition which
was interpreted in Maslov (2006) as an analog of social catastrophe. In the
present paper we also examine this model.
