The New World Crisis: Origins of the Second Cold War and World War III

We live in a time of crisis. In 2014, the dynamic of international affairs and tempo of events suddenly changed. Russia annexed Crimea. China began to press its territorial claims. Islamic terrorists massacred civilians in Ottawa, Sydney, Paris and Copenhagen. The Islamic State began posting one grim video after another of hostages being slaughtered.

What is the nature of this crisis ? Is it a long stalemate - a second Cold War ? Or has World War III already begun and we are simply living through a 'phony war', that calm before the storm as the belligerents settle their positions ?

This is an overview of the history of the crisis. Unlike traditional histories, it is intended to be a living document which I will regularly update to account for new developments and interpretations.