Well, this is Curr Eild Grants Interest Rate Observer of the Air. I'm Jim Grant, and with me as always

is the great deputy editor of Grant, Evan Lorenz. And we have two guests today. We have

Lee Gehring and Adam Rosenzweig, who, as every reader of Grants knows, are the most learned

and money-making commodity people in the world of stuff.

And we're going to talk to them just one moment.

Adam, I have, and Lee and Evan, I've got something to tell you about.

Do you guys look for Delanceyplace.com in the morning?

This is something that comes in every morning

to my inbox, and it is like a 1,500 word selection from a book. So the people at Delancey Place

pick out a book. It could be published 15 years ago, but they pick out something. And this one is on

asteroids. And I thought, how apropos of risk management, and they go into, you'll be happy

of relief perhaps, to know that asteroids in their platitude vary inversely with their size. So the

smaller they are, the more profuse. So the one meter variety is like tens, hundreds and billions,

and then the five meter variety is like tens and billions, and the big

mothers, you know, that's not the technical culture, the rather 20-meter ones are like in the

millions, and the really, really big ones you don't want to even ask about. But reading this,

I thought, I thought to myself how wonderful that NASA instituted something called the Center for Near Earth Object Studies

in the wake of a 1994 event in which the Shoemaker Levy 9 asteroid smashed into Jupiter,

or pieces of it did, one explosion resulting in a blast, the size of the planet Earth.

So the Fed, you know, is doing this pathetic risk management stuff, but NASA is guarding us against

an Earth enveloping explosion. Who do you want to do your risk management, right? So why isn't

NASA looking at the repo market? All right, that's that's, that's all I got.

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