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

As always, yeah, that's true, right?

Most of the time.

And with me, as always, is Evan Lorenz, the great deputy editor of Grants.

Henry French is at the control panel.

And, oh, yes, we have a guest today.

And not just any guests, we have Jim Bianco himself, James Bianco, the epitem of Bianco

research in Chicago, somebody who knows more about the bond market than what?

Alexander Hamilton, who basically invented the American wing of the bond market.

I happen to have gone through college with Hamilton at Columbia, and he thinks about

Jim Beano, as we do, which is a sage.

Jim is the fellow who knows more about the numbers than most economists

and more about the way the market works than most investors,

and two of them together.

He is one formidable figure.

So Jim Bianco, welcome.

Wow, that's a very nice intro. So thank you very much. Yeah, well,

it is from the heart and from the head, equally. Here we are on the Wednesday before Thanksgiving,

and I think it would be churlish to begin on a bearish note, but bonds aren't your thing. Is that so,

Jim? Yeah.

I've been going around giving a lot of presentations.

I was in Europe last week.

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