So this is current yield, Grant's interest rate observer of the air. I am Jim Grant. With me, as always,

is the great deputy editor of grants, Evan Lorenz, and Henry French is at the controls. He's our

sound engineer for excellence. And joining us today, Evan, is Daniel Paris,

who was the dividend business and who has written a most fluent written book on the topic called

the ownership dividend. And we'll talk to Dan in just one moment. But you and Dan, Evan, have something

in common, you know that? You married a Russian wife, and as did that.

In a moment, we're going to talk about that odd coincidence right here on our podcast.

But at first, I want to set the stage for a discussion of income with a couple of observations

and thoughts.

One is a quotation from someone who has accounted perhaps America's

most brilliant, certainly the cleverest and perhaps the most influential economist, Irving Fisher,

from yesteryear, lived about a century ago. And he's the author of something called The Theory of

Interest. And here is what he said in 1930, quote, capital wealth is merely the means to the end called income. Close quote. So I have thought about

this a lot. We wrote this, I quote this more than once. But every day I walk into the office and

am accosted with Mr. Market telling us that there's nothing in that. There's no truth in what fish...

Look at, Evan, here's a question for you. What is the current market cap as of three minutes ago of the crypto universe?

2.9 trillion?

Trillion. What is a dividend yield on that accumulation of hope?

Well, in terms of human imagination, it's quite big, but in terms of actual cash, I think it's about zero.

So no tax problems with that.

Evan, what approximately, I know this is a reckoning because Bloomberg is not quickly,

what is the current value of fixed income securities marked to yield less than nothing?

...