From the outset of this conflict, we warned that the danger to the world economy extended far beyond a simple oil-price shock. The real threat lay in the cascade: disruption to fertilizers and therefore to agriculture; to sulfur and, by extension, to fertilizer production and copper processing, with consequences for technology supply chains; to helium, with implications for both advanced manufacturing and medical imaging; and to LNG, with knock-on effects across power markets, petrochemicals, and plastics. Today, the task is to take stock of where matters stand, to assess how far those risks have materialized, and to judge how well, or how poorly, the global economy is absorbing the strain.