Well, ladies and gentlemen, this is Grant's interest rate observer of the air,

and it's going to be a most truncated broadcast because we are packing up to go.

We are broadcasting this on the eve of our vacation.

We skip publication at Grants here every Christmas time, and in August. So we have

a more or less French quality four weeks off during the course of the year. That's as it should be,

because typing is really hard work. I can assure you of that. So that means we will resume our

podcasts on January 8th. I wanted to say a few words on the occasion of our packing up to go. The first thing is,

thank you for listening to these things. It means the world that we're not just talking to ourselves,

which we do here in the office, without the microphone. And secondly, I wanted to thank one of our

sponsors, Morty, M-O-R-T-Y, the latest and smartest way to get a home mortgage for bringing this to you, even this little tiny stub of a radio

podcast. It's, you know, it's been one heck of a year on interest rates. I thought as an observer

of interest rates that I had seen it all, but I had not. This year has brought new wonders,

and next year we'll be considering the consequences of these wonders. I mean, I've got to tell

you, friends, that you have not lived until you have personally inspected a euro-denominated junk bond yielding a number beginning with the integer

zero, 0.63 or something, is the yield of maturity. One of these things we looked at just the other day.

I mean, it's extraordinary. And I hope that Mario Draghi is happy with himself because he has created

a worldwide disturbance in interest rates,

which is going to have a worldwide consequence one of these days. And we'll let you know when about two weeks ahead of time, just to give you some time to get position. Don't worry.

Next year is going to be a wonderful year in interest rates. Well, I say wonderful. It's going to be as harrowing and as astonishing as this year in which you still have,

what is it, Eric, I think there's about $9 trillion worth of sovereign debt price to yield less

than nothing. Yeah, that's the first. And not a wholesome first, but I hear myself whining. I'm not

going to do that. So, Morty, I was going to tell you about Morty, and you must listen because it's not just any old radio ad. If you've ever bought a

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