The post-World War I settlementIt helped create grievances and constraints that Hitler exploited, but later economic collapse, political choices, ideology, and deliberate aggression made the path to war contingent rather than inevitable.
Read the X-Ray →The collapse of Lehman BrothersLehman's failure was a decisive trigger and amplifier, but mortgage losses, leverage, opaque exposures, and fragile short-term funding had already created a systemic crisis.
Read the X-Ray →The Great DepressionIt damaged trade and deepened the downturn, but the Depression began before the tariff and became catastrophic through banking panics, monetary contraction, deflation, debt, and the gold standard.
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