ACCOUNTANTS ARE BAD AT WARTIME MATH: “We’ve discussed the West’s almost criminally neglected stockpiles – unready for anything but the most limited or short war – for the better part of two decades. The Russo-Ukrainian War has once again brought it into stark relief.”

Plus: “This is hard, because unlike sexy things displacing water and making shadows on ramps, ammunition and expendables are hidden away in bunkers out of sight … and if your peacetime military and diplomats do their job, will never be used. However, when you need them, the need is existential.”