Ladies and gentlemen, welcome to current yield.

Grant's interest rate observer of the air.

I am Jim Grant, and with me as always, Eric Whitehead at the dials.

And back from his short spell on the disabled list, Evan Lorenz, the great deputy editor of grants.

Evan was, as you might have recalled from last podcast, was absent

because he was tossing around these 250 pound hand weights. We told him not to, but he did

and paid the price. So thank you for joining us today. We have not one sponsor, but two. We are

proud to be sponsored by NetSuite, by Oracle, the business management software that handles every

aspect of your business in an easy-to-use cloud platform. And we are sponsored as well by us,

in particular by the April 9th conference, grants interest rate observer spring conference to be held at

the Plaza Hotel. Did I mention the date, Eric, April 9th? And it's hard to know how exactly to sing the praises

of this conference and do it justice. But I'll begin by just mentioning that Bob Farrell, the perennial

great institutional investor, all-star strategists and technicians can be there. Richard Silla,

the great historian of interest race,

tells us about the past, present and future of rates.

Wendy Battleson, authority on the art market,

Russell Napier, authority on monetary disorder,

of which the world has plenty.

Steve Hankey on inflation of all kinds,

the hyper and the other,

and one of the most accomplished stock pickers around John Hughes. So anyway, that's us, April 9th. Be there. Please. Evan, I, while you just somehow prepare to tell us about a bank

that could and did lose, like a Hunt Brothers caliber loss in the municipal bond market,

...