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The BFM Report · Aug 13, 2026

The Hormuz Tax Ledger: Week 2

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This site does not allow itself to be embedded. You can still read it on the original site — the toolbar below keeps your place in the directory.

Chokepoint status, the rate print, and my running estimate of what the escalation is costing a typical household.

This is the weekly ledger. Same structure every time, so you can compare week to week instead of reading a new essay and trying to remember what last week said.

One note on how to use it. The figures below are the baseline I am carrying into this week. Where a number has moved by the time this lands, the direction matters more than the decimal.

Chokepoint…

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Read on bfmbreakdown.substack.com

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