Hey, ladies and gentlemen, welcome to Grant's interest rate observer of the air.

I am Jim Grant, and with me as always is the engineer of the hour, Eric Whitehead to my left,

the great Evan Lorenz diagonally, and directly across from me is today's special guest,

Richard Sandor, Richard Sandor.

Richard Sandor, PhD, chairman and CEO of the American Financial Exchange, the father of financial futures, a knight in the French Order of the Legion of Honor, Director of Science, Honoris

Cosa, from the Swiss Federal Institute of Technology, Aaron, director, lecturer in law and economics

at the University of Chicago Law School, and according to Time magazine, the hero of the planet.

Hey, what's going on, Rich?

Thanks to that kind introduction, Jim.

The audience should know.

I edited the CV heavily to get down to what may or may not be the

quick and the essence.

But anyway, here we are.

Richard, it is a pleasure to be with you.

Now, Richard has not only saved the planet and not only instituted the great industry,

financial, I guess, futurism, right?

Yeah.

But also has got a new hobby horse.

And that hobby horse has to do with a new benchmark money market interest rate for the world banking system, right?

And, you know, we have, Richard, we have something called LIBOR.

Yes. You know, tell us what's wrong with LIBOR and what's going to supplant it, please.

What's wrong with LIBOR is the fact that it's a poll. It's not really the election. It's like

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