If you’re hoping that the instability that Vladimir Putin’s war on Ukraine has wreaked on global markets and geopolitics has peaked, your hope is in vain. We haven’t seen anything yet. Wait until Putin fully grasps that his only choices left in Ukraine are how to lose — early and small and a little humiliated or late and big and deeply humiliated.

I can’t even wrap my mind around what kind of financial and political shocks will radiate from Russia — this country that is the world’s third-largest oil producer and has some 6000 nuclear warheads — when it loses a war of choice that was spearheaded by one man, who can never afford to admit defeat.