Ladies and gentlemen, welcome to Current Yield, Grant's interest rate observer of the air.

I am Jim Grant, and with me as always is Eric Whitehead, our intrepid technician, and the great Evan Lorenz, deputy editor of grants, and Phil Grant, who edits our almost daily grants,

indispensable guide to daily events on an almost daily basis.

But we are, we're coming to you on Wednesday, the 4th of April. No, I think that's the date

all day. And this has to go down as one of the epical days in American finance. On this very day,

the Federal Reserve has launched, Evan would be too much to call

a leveraged acquisition of American finance. I think that's pretty fair. An LBO of kind of the

financing role to the market's plate. Before we get into the intriguing details, I want to note

this podcast is brought to you very generously by Grant's Interest Rate Observer. And, you know, I can't help but notice

Evan and Phil and Eric that the government Cares Act, the CARES Act, which is going to be responsible for

submitting $1,200 checks to every sentient American citizen. And some of the ones who are not quite sentient, I think, those checks were in the sum

of $1,200, which happens to be approximately the cost of a year's subscription to grants.

Now, Evan, can you think of better use of proceeds than...

No, I've had a lot of people ask me, like, what are good reading recommendations?

And I think grants would fit that. We have a very long archive.

We just put together a new reading packet.

Perhaps we could get...

Well, yes, we have for your asking.

We have a new compendium of our pieces.

The theory behind this compendium is that our financial difficulties did not actually originate in the wet markets

of the People's Republic.

But the corporate immune system, so to speak, has been impaired through years and years of

...