There is a whiff of 1914 to the crisis in Ukraine

 Even after the Archduke’s assassination, stock markets sailed blithely on as if nothing of significance had happened. It wasn’t until the troops were actually mobilised that the panic set in.

In the Great Illusion, a hugely influential book in the run-up to the First World War, the British journalist Norman Angell argued that the economic costs of war in Europe were so great that nobody could possibly hope to gain by starting one, and therefore wouldn’t. 

Jeremy Warner 18 February 2022

https://www.telegraph.co.uk/news/2022/02/18/whiff-1914-crisis-ukraine/

The outbreak of World War I in Europe forced the NYSE to shut its doors on July 31, 1914, after large numbers of foreign investors began selling their holdings in hopes of raising money for the war effort. All of the world’s financial markets followed suit and closed their doors by August 1.

Trading of stocks didn’t resume until December 12, 1914, when the Dow Jones Industrial Average suffered its worst percentage drop (24.39 percent) 

https://www.history.com/this-day-in-history/new-york-stock-exchange-resumes-bond-trading