The financial system of modern world market economy is not only means of functioning of world economy, but it has everything that is necessary to perform functions of global management system for social and economic development of every nation. It requires the development of new social-oriented model of credit system (orthodox banking) with special institutions that would operate according to ethical standards of business and religious values. Our research reflects opportunities of modernization of Russian credit system in post-crisis period, and there is described new attitude to banking system, which provides new type of banking service.

Reform we call system of the actions aimed at radical reorganization of the reformed sphere of economy which are carried out not with small steps for the long period of time, and is concentrated, in rather short term, for example in one-three years.

What kind of financial system is it, in which incredible for other countries losses of foreign exchange reserves, acquired with such difficulty over the decades, occur? It is clear that such financial system needs major adjustments.

The lessons of history allow us to clarify contemporary issues, even despite the fact that every financial crisis has its own specifics. However, if we put aside the singlevalue decisions, we shall be able to identify constantly recurring problems that become apparent in those periods when public financial system malfunctions.

Virtual extravagancies served and serve as hallucinogens for the economy.