The Chokepoint Economy: What Happens When Everything Breaks at Once

I want to talk about the thing nobody in Washington seems willing to say out loud, which is that the cost of this war is going to show up at your kitchen table before it shows up in any congressional budget hearing. This morning oil prices blew past $115 a barrel. Brent crude touched $119 overnight before pulling back. WTI posted its biggest weekly gain in the entire history of futures trading, dating back to 1983. The S&P futures are down. The Nikkei dropped 5% at open. South Korea’s KOSPI cratered 6%. The VIX is at levels…