Welcome to Current Yield, Grant's Interest Rate Observer of the Air.

I'm Jim Grant, and with me as always is Eric Whitehead, our engineer, and the great Evan

Lorenz, deputy editor of Grants.

And with us also today are a player of authorities on the art market. Yeah, Wendy Battleson and

Julia Costantini, who among other notable claims in their careers have past speakers at Grants

conference, right? Or speakers at a past conference. You're not past present. You're present here,

but you have spoken in the past at Grants event. Indeed, yes, with great pleasure.

And Evan, what's new?

Anything going on?

Yeah, the market's actually going down.

I didn't know was allowed to do that anymore.

It was not, but it evidently is in violation of many rules.

I have a few thoughts on this, Evan.

Just indulge me just a little bit.

All right. For one thing, it has been 10 years or so,

maybe a little more, since the last train wreck, correct? Yeah. That is the decennial pattern,

is one of out of time immemorial. In 19th century, it was a panic in 1826, 1837, 1847, 1866. See the City Bank of Glasgow, 1878, the bearings panic around 1890.

So these things in the age of much more conservative finance than the gold standard were recurrent, no.

And they have been recurrent in our own time as well. And by some measures, I think, rather more severe. But still,

we are dealing with human beings, correct, human frailties and with, I mean, my well, I think my

rather well-aired contention with respect to the efficient market hypothesis, Evan, is that

markets are just as efficient as the fallible beings who operate in

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