This is the Grants Interest Rate Observer podcast coming to you from the Grants' Interest Rate Observer Radio Transmission Tower at our corporate headquarters to Wall Street.

It's a pleasure to have you with us.

We are sponsored today by bonwi.com, the famous travel site, and we are

sponsored by Pitney Bros. SendPro. So thank you, Pitney Bowes, and thank you, Bonwee. Around the table

today are my friends, the great Evan Lorenz, the deputy editor of Grants, Eric Whitehead at the controls,

and Phil Grant, the author of our daily

splendid e-mission called Almost Daily Grants. It's free and you've got to read it. And I would

first like to call to our listeners' attention the new filing of the Swiss National Bank.

That's the Nome's own Federal Reserve, so to speak.

It's their central bank. And what the Swiss National Bank does is to create francs. And it creates

them for the purpose of suppressing the unwanted appreciation of that national currency.

Now exports, Evan, as you know, because you told me,

are a major portion of the Swiss GDP.

And it will not do for the Swiss to be unwontedly strong,

the Swiss E to be unwarrantly strong.

It has been, not in recent days to be sure,

but it has been, over the course of years and decades, been a kind of a port and a storm.

So there's trouble in the world, people flock to the Swiss.

Even, you know, when the North Korea is rattling nukes.

In fact, Evan, people were flocking to Y, too, Japan being slightly closer to North Korea than Switzerland.

Go figure that one.

Yeah, one can kind of understand why people go to the Swiss rank when there might be a nuclear war between the U.S. and North Korea.

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