Real Economic Shock From War Is Still Coming _ Dr. Mark Thornton

"Markets have been distracted by silver's 38% crash and gold's correction. But according to Dr. Mark Thornton, the real economic shock from the war hasn't even arrived yet."In this urgent episode, Dr. Mark Thornton—Senior Fellow at the Mises Institute and host of Minor Issues—joins us to explain why the Persian Gulf war's deepest economic impacts are still ahead. While headlines have focused on price volatility, Thornton argues the structural damage to global supply chains, energy markets, and monetary confidence is only beginning to surface.The World Bank projects global commodity prices will rise 16% in 2026—the first annual increase since 2022—with energy prices up 24% and precious metals surging 42% [citation:4]. Brent crude surged 65% in March alone, the largest monthly increase on record, and remains over 50% above pre-war levels [citation:4]. But Thornton warns that official projections assume the war ends quickly. If it doesn't, the shock will be far worse.The Federal Reserve is trapped. Inflation hit 3.5% in March (PCE) and could breach 5% under a re-escalation scenario [citation:1][citation:6]. St. Louis Fed President Musalem warns rate hikes may be back on the table [citation:6]. Chicago Fed's Goolsbee notes businesses are already seeing shortages of industrial chemicals, while gasoline prices have surged past $4.50/gallon—the highest since 2022 [citation:8].Thornton's Austrian perspective cuts through the noise: "Fiat is in the ICU," and central banks signaling they don't trust each other are buying physical gold at historic rates [citation:10]. Poland alone added 150 tons. The yield curve is threatening to un-invert—a reliable recession signal [citation:2]. And with $160 trillion in combined federal obligations against just $170 trillion in private net worth, the only "resolution" is a dishonest default through inflation [citation:10].The correction in metals may be a buying opportunity. But the coming shock—supply chain ruptures, energy rationing, and a Fed that's lost control—is still ahead. Press play before it's too late.