When the global financial system wobbles, it always seems to happen in August.

Maybe it is because so many traders are on vacation, making for less liquid markets and wilder swings. Maybe it's just coincidence. But some of the most turbulent events in financial markets in recent times have arrived in the late summer, including the Augusts of 1989, 1998, 2007, 2011 and 2015.

And so it is again in 2019, as a trade and currency war between the United States and China, as well as a slowing European economy and geopolitical strains worldwide, have sent markets spinning. The pattern


August 1998: An emerging markets crisis after Russia defaults


August 2007: Beginnings of the global financial panic