The Kaiser's New Clothes

In the Kaiser's New Clothes timeline, the POD is that Britain never entered the First World War.

Chronology

 * In 1914, Kaiser Wilhelm II of Germany intervenes to prevent Moltke from invading Belgium and The Netherlands during the opening stages of World War I, and instead Moltke concentrates on the eastern front and the war against Russia.
 * With no German invasion of Belgium, Asquith's government never declares war against the Kaiser.
 * Germany, without having to face Britain and particularly the British navy, is more successful in its campaign against France, and manages to capture Paris in the spring of 1915.
 * Serbia is annexed to the Austro-Hungarian Empire, and the Empire remains a political power until ethnic divisions eventually tear it to pieces in the 1940s.
 * Germany eventually annexes Denmark, Holland and much of what we would call Poland.
 * Because of the shifting tide of battle, Adolf Hitler is in the wrong place at the wrong time and is killed during the war.
 * Which doesn't matter, because Germany's victory and expansion leads to her becoming the dominant power in central Europe. As a result, Nazism never takes hold.
 * The Russian Revolution happens just as it does in our timeline. Owing to the lack of British intervention, the Central Powers manage to annex significant portions of Russia, and the Tsar loses Sevastopol to the Ottomon Empire. The new government, led first by Kerensky and later by Lenin and the Bolsheviks, negotiates a truce.
 * Russian territorial losses during the war are unsurprisingly seen by the Russian people as a failure, and as a result, Lenin's Bolshevik government is inherently more unstable. Upon Lenin's death in 1922, another civil war breaks out between supporters of Stalin and Trotsky.
 * The USA never enters the war, and Wilson negotiates a peace treaty, much as he did in our timeline. Because of this, however, the United States' development as a superpower is delayed, and for the early part of the 20th century it is Britain, Germany and Austria-Hungary who are the major powers.
 * In Britain, with no war to fight in Europe, the Home Rule bill causes an Irish civil war. The war lasts until a peace settlement is reached in 1919, with all of Ireland remaining part of Great Britain with greater devolution of power. Catholics violently in favour of Irish independence continue to fight for their cause, under the banner of Sinn Fein, right up until the present day.
 * Asquith's government falls over the Irish civil war and he is replaced by Lloyd George in 1917.
 * German and Hapsburg domination of central Europe results in a European customs union being formed in the 1920s under German leadership. This early version of a European Union is successful for a time, but leads to deep divisions within Europe.
 * Obviously, World War II as we know it doesn't happen.
 * Japan, with no allies to support its conquests, remains confined to Taiwan and China, though its invasion of China is eventually halted.
 * With no war to provoke its development, the atomic bomb is never deployed in a real situation, and remains mostly a prototype or theoretical device.
 * The Cold War is somewhat different. Trotsky's victory in the power struggle after Lenin's death results in a different kind of USSR. With no war in Eastern Europe to result in Soviet occupation and the descent of the "Iron Curtain", Soviet influence is curbed and the country takes a different path, slowly sliding towards a liberal democracy, though the Communists remain in charge until the 1970s, when mass demonstrations force democratic elections.
 * The League of Nations continues to exist to the present day, and most nations, including the USA, are now members.
 * Instead of a Cold War, the predominant non-military conflict of the twentieth century is between the United States and German-dominated Europe, not over political ideology but over trade and tariffs.
 * Communism does not spread much beyond Russia. Mao's movement in China fails. China eventually falls to bits owing to a series of weak governments.
 * In 2007, the major world powers are a less-dominant United States, which is economically and culturally powerful but militarily weak in many ways and practices a strict isolationist foreign policy, Great Britain (minus most of its empire which was granted independence, just as it was here), Germany and Russia.