Hey, welcome to Grant's interest rate observer of the air. I am Jim Grant, and with me, as always,

Eric Whitehead at the controls of this enterprise here, this podcast, and Phil Grant across from him,

Phil Grant is the proprietor of almost daily grants, the must read daily summary,

almost daily summary of the markets and their wiles. And across me immediately is the great

deputy editor of Grants, Evan Lorenz. So gentlemen, welcome. And ladies and gentlemen,

welcome to Grants, this episode of the Grants

podcast. I want to give a shout out to the listener who was walking at the east on West 52nd

Street yesterday. It was about 6.45. He passes me. He's wearing earphones. And we pass, and you know,

you know the way you can tell if somebody is stopped, even when you're

not looking and stopped and turned around, going to say something? Well, he stopped, turned around and said

this. He said, hey, I'm also on your podcast right now. Yeah. So that reminds me that it's time to do

a darn podcast. The guy's got good taste. Yeah, Here we are. So today we are going to talk about some of the following things.

We're going to talk about the future of which nobody knows nothing.

We're going to have a special July 4th message.

We're going to ruminate on the readings having to do with cash to debt in leveraged American

companies and record share buybacks.

We're going to talk about cryptocurrencies and China

and the future, as I said, the future about which nobody knows nothing. Now, the future to begin

with, the future is a somewhat sensitive topic around here because we deal in it, yet it doesn't

exist. Now, Eric right here is something of an authority in the future. He has been, as you know, regular

listeners, Eric, vacations only in communist countries. It's something he does. He goes to Cuba,

Vietnam. And as you have also heard, he has, in his family, have reservations at the flagship

...