Robert Pape: “The global economy is about to shift from price shock to physical constraint—and once that happens, policy will no longer stabilize the system; the system will begin forcing policy.”“The language of this crisis is still wrong. Most commentary continues to describe rising oil prices as the central problem, as if this were another cyclical disruption that markets will absorb. That framing is now obsolete. What is unfolding is not primarily a price event but a structural supply shock operating on a system that lacks the capacity to adjust in the time that matters.”