The basic propositions of this paper are that the modern severe economic crises, due to their monetary dimension, have deep consequences on mass psychology, and that a general model concerning the psychological processes involved is historically well grounded. In particular, we analyzed the corralito / corralon argentine crisis in 2001. We compared too our data and findings with several historical reports and analyses concerning other modern severe economic crises. Eventually, we put forward a two-phases general model, involving four main psychological processes.