The Great War began as a confrontation between Austria and Russia. As we have seen, it quickly developed into much more. But for the Austrians, the main dispute is still against Serbia, and against Russia for supporting her. The Austrians began this confrontation as an effort to prove Austria was still a Great Power. Ironically, 1914 would prove exactly the opposite.
President Wilson pushed a variety of important reforms through the 1913-14 Congress, including the Federal Reserve Act, making this one of the busiest Congresses in US History. As the Great War breaks out, the US remains neutral, but faces a financial crisis.