Zoltan Pozsar - War and Commodity Encumbrance

[zovall]

https://plus2.credit-suisse.com/articles/_ZGgU1AN-8SW/ZGgU/a3Z9eAfBiCiHqPyX7f-V

I'm finding myself in agreement with what he has laid out. I think LL has mentioned commodities in a similar vein.
Thoughts?