Financial crisis of 1914
The financial crisis of 1914 was a financial crisis resulting from the selloff of about $3 billion (equivalent to $96.43 billion in 2025) of foreign portfolio investments, primarily by the British who needed funds for war efforts, during the July Crisis at the start of World War I. It led to the U.S. stock market being closed for four months and the London stock market closed for five months. It also marked a change in the international economic order whereby the U.S. became a leader in the global financial markets.