Hey, this is the current yield grants interest rate observer of the air. I'm Jim Brandt,

and with me, as always, is the great deputy editor of grants, Evan Lorenz. And with us today,

as our guest, is Mary Childs, who is the author of the Bond King, the story of Bill Gross.

Hey, Evan, I went around the office the other day of raving about the excellence of a news story

in the Financial Times. I call it like the exemplar of the fine news story. And it was about

how German carmakers are stymied by the loss of Ukrainian parts.

And it begins with the fact that, I'm not even sure if Mary is going to know this answer,

but inside every car sits almost blank or TK miles of electric cabling.

Now, Mary, how many miles of electric cabling will there be in a car?

Okay, no one told me that there was going to be a pop quiz.

Seven miles.

Ah, you totally ruin the job.

Well, it's three miles, but isn't it amazing?

I would guess like 15 yards.

I'm a subway person myself.

Your framing made me think it was a lot. So I just. Right. Yeah, somebody says, you know,

guess how long their home run was? The guy said, well, three miles. No, it wasn't three miles.

It was 500 feet. So this, the story goes on it and it describes the, that for the loss of the humblest seeming part of a car, which is a wire harness, for the loss of the wire harnesses that are harnesses that are manufactured in these Ukrainian plants with the most dexterous women available in Ukrainian villages and cities, for the loss of this thing, carmakers can't get out of

first gear because without a wire harness, you cannot thread the wires to the car, etc., etc.

And this story, Evan and Mary reminded me of the intricacy, the delicacy of market economies

and how, you know, at one point you would think that capitalism is like a

field of industrial weeds and you can't kill, it's always going to come back.

...