The Markets Are Underpricing the Risks of 1914

The Markets Are Underpricing the Risks of 1914
People pass the front of the New York Stock Exchange on March 21, 2023. Peter Morgan/AP
Michael Wilkerson
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Commentary

In the summer of 1914, none of the great powers realized that they were sleepwalking toward disaster. A singular regional event—the assassination of Archduke Franz Ferdinand of Austria by a radicalized Serbian nationalist—would prove to be the proverbial spark that set the whole European house aflame through a daisy chain of national actions and reactions.

Michael Wilkerson
Michael Wilkerson
Author
Michael Wilkerson is a strategic adviser, investor, and author. He's the founder of Stormwall Advisors and Stormwall.com. His latest book is “Why America Matters: The Case for a New Exceptionalism” (2022).
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