Well, this is current yield, Grant's interest rate observer of the air.

I am Jim Grant, and with me as always is Eric Whitehead, our engineer who is at the control panel.

The great deputy editor of Grant's Evan Lorenz and Phil Grant, who edits our almost daily grants.

But we are not alone today. With us from across the Atlantic Ocean is Irvin King, Baron King of Lothbury,

Knight Grand Cross of the Order of the British Empire, and a member of the Order of the Garder.

Hey, what's happening, Mervyn?

This is an unprecedented series of events.

It's what I call radical uncertainty. Well, I don't think three months ago, no one could have

imagined that we'd be sitting here discussing over the telephone why the world economy is being

deliberately shut down by governments in order to battle a virus that we didn't know

existed three months ago. So these are events that you can't easily imagine in advance.

And even if you can imagine that might one day be a virus and a pandemic, you can't ever

know in advance what kind of virus it will be, how it will spread through the population,

how serious it will be, and perhaps most importantly of all, how people will respond to the measures

that are put in place. So, you know, unlike most traditional scientific phenomena, such as the

planets orbiting around the sun, on this occasion, we don't know the rules of the game

and how the virus will develop, whether it will mutate or not. There's no basis for assuming

this is going to be unchanging. And unlike the planets going around the sun, what we believe about

it influences the outcome. Right. Mervin, it seems to me this might present a workable title for a splendid new work of nonfiction.

What do you think?

We can call it Radical Uncertainty?

I think you couldn't do better than turning in the time that everyone now has at home

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