Well, I am Jim Grant, and this is Grant's interest rate observer of the air.

And with me today, Edward Yardinney, who is a first and foremost a father of five.

Secondly, is the Epanem proprietor and Brain Box of Yardinney Inc. consulting economist.

But I don't know, Ed, you're a PhD in economics,

but I think it is part of the high praise I'm about to lavish on you

that you'd never know it.

Thank you. Thank you very much.

Ed and I go back to the year 18, no, it was 19 something or the,

Ed got out of Cornell in 1968 and went to

Yale ever so briefly to attain an MA, I guess, or something like that, and then a PhD in economics

under the inimitable James Tobin. And he has worked all around the place on Wall Street, not to mention

the Treasury of the Fed and the Federal Reserve Bank of New York.

He jokes that he can't hold a job, but he has certainly held his clients who hold him properly.

Ed, you have been the vanguard of thought on things as varied as demographics, interest rates,

the Cold War, and digital technology.

I've been keeping busy.

So I think I'll stop talking now and welcome Ed Yardinney

to Grant's Interest Rate Observer of the Air. Thank you, Jim. We do have a longstanding history together.

And when you think about it, that's kind of an unusual part of the business we're in.

There are very few professions where we basically go through the same ups and downs.

Well, you have you have so many ups.

And by the way, how could I have forgotten, as a sometime author myself, to fail to mention

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