Well, this is Current Yield Grants Interest Rate Observer of the Air.

I'm Jim Grant, and joining me as always is the great deputy editor of Grants, Evan Lorenz.

And today we have a very timely and special guest in Julian Clomachco, who is the world's leading authority on the

world's leading specular investment, the SPAC.

So before we get into this, I would like to put in a plug for the first read of the day.

The first read of the day could be Delanceyplace.com, Delanceyplace.com, which

is, I don't know, it just comes to you in the magical way that these things turn up in one's

inbox. And Delancey Place delivers every morning, unbitten, unless, well, you bid for it by signing

up, but it arrives, and it's a, it's like an 800-word excerpt from a book. And recently,

the Delancey Place people have been like a financial history jag. And this morning's excerpt is,

Julie, I think you will agree. This is exceptionally timely. The title is Anciant Legal Thought by

Larry May, came out in 2019, I guess.

And what is especially apropos about ancient legal thought is that part of the Code of Hama Robbery dealing with debt forgiveness.

Debt forgiveness.

That's kind of a thing now, right?

We read about this, for example, I think that there's some move for it in Europe,

the European Central Bank, would only just have the, has a good grace to mark its existing

conventional portfolio securities, conventional and unconventional because they yield nothing,

but never mind.

But the otherwise conventional portfolio of the insurance, just transform them into zero coupon perpetuals,

the European community's debt load would be lightened instantly.

And I could see S&P and Mui is conferring like an instantaneous upward revision,

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