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I really though Putin was bluffing for concessions.

At this point my theory is targeted economic warfare designed to simultaneously spike inflation while dropping markets into the fed hiking cycle to try to start a major recession while they go heavier into non dollar oil trading.

Time to drop the idea that he's acting in sensibly as some kind of master strategist. Nothing good is going to come from this for his country.
You could argue he's wrong or bad it, but I don't think he's spinning a roulette wheel with things to do on it because he's bored. He's clearly think's he's getting something out of this.
And he’s paying for it with other people’s lives. War is a scourge, and today is a sad day.