The event that would lead to the outbreak of World War 1 a month later, occurred on this day. Gavrilo Princip, a Serb nationalist, assassinated Austrian archduke Francis Ferdinand.

Austria-Hungary declared war on Serbia, setting into train the Great War as the other powers in Europe met their complex, and sometimes secret, defense treaty obligations.

John Maynard Keynes made one of the most foresightful predictions in modern economic history, on this day, when he predicted that the punitive sanctions meted out to Germany as WW1 ends would lead to problems later on for Central Europe.

The German economy would eventually collapse with the country unable to pay the imposed war reparations.

Germany was being bled dry by the allies and, in 1923, France and Belgium invaded the industrial Ruhr region as a means of forcing payment.

Hitler would use this dissatisfaction at home to gain power and ultimately lead to World War 2.