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The Treaty of Versailles ends World War One and imposes heavy reparations payments on Germany.
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The Assembly of the League of Nations meets for the first time in Geneva, Switzerland. The US is notably absent, the Senate having voted against joining the League in November 1919
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The United States convenes the Washington Conference, attended by Britain, France, Italy, Belgium, the Netherlands, China, Japan, and Portugal. The Conference results in a naval armaments treaty that sets a ratio for tonnage of capital ships (over 10,000 tons, with guns bigger than eight inches) for Great Britain, the US, Japan, France, and Italy. The ratio agreed upon, in that order, is 5:5:3:1.67:1.67.
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King Victor Emmanuel declares Mussolini premier in an attempt to head off violent conflict between the Fascists and the Communists.
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Adolf Hitler and General Ludendorf, a World War One hero, lead a small contingent of followers in a harmless, comical attempt at rebellion, for which Hitler is imprisoned for two years.
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Lenin's death leaves some question as to who will be his successor. Joseph Stalin eventually beats out Leon Trotsky to take control of the Soviet government.
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The Cartel displaces the ruling Bloc National, in a marked victory for the left, but proves unable to govern effectively.
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The Dawes Plan restructures the schedule of German reparations payments so as to reduce the amount of annual payments, and grants Germany a large loan.