Hey, welcome for the Grants podcast. I am Jim Grant, and with me today is the deputy editor of

grants, the great Evan Lorenz and at the dials as Eric Whitehead, as always. Let's see.

Oh, yes, some business to transact first. We are sponsored by Health IQ, Get Healthy and Get a Better Kind of Insurance

and Away Travel, a very, very nifty indeed, a set of suitcases and I don't know,

what do you call these things? Bags, but most excellent. So Evan, we were talking today,

and you, I think, had a fabulous idea. In fact,

so fabulous is this idea that I was about ready to snag it for the front page of brands,

Interest Rate Observer. But I, you know, we owe a duty to our free podcast listeners, I guess,

right? Yeah, we do. So we are going to go with this fabulous observation of yours.

And I'm going to try and you can tell me if I'm correct. I'm going to try to reduce this to a

couple of sentences. And that is that one sign of rising prices, falling cap rates in real

estate, rising PE ratios and accessible credit.

One symptom of all this is confidence in the future.

People who wouldn't trust the day after tomorrow in a bare market now look out over the

course of decades, centuries, even in some cases, and are willing to pronounce judgment on investment certitude.

Did I get most of this?

Yeah, absolutely.

All right.

What examples would validate this hypothesis of yours?

Well, this week, Austria floated a century bond at a yield just over 2% when its inflation

rates running at about 2%.

Now, for you to make money on this

...