Grant's Current Yield Podcast

Jim Grant delivers a holiday message and review of 2019 financial events. 1:15 The state of the world as 2020 looms. 7:45 All things cyclical 11:30 The repo hiccup and unscripted events. 17:15 UST margin demand: a product of unnaturally-low rates? Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

@AmitySchlaes, author of "Great Society: A New History," stops by the office to discuss her new book. http://www.amityshlaes.com 2:24 #BrettonWoods and the "bonanza" 8:50 Michael Harrington goes to Washington 13:10 Arthur Burns: A Greek tragedy 19:45 Presidential pressure on the Fed, then and now Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Each analyst identifies a notable recent event. Jim provides a winter reading recommendation. 1:40 Dazed and confused 4:18 Crude oil and the VC market 10:24 Jim reviews "#1931" by #TobiasStraumann (shorturl.at/ioJS0) Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com.

Don Coxe, chairman at Coxe Advisors LLP and commodity investor par excellence, calls in to discuss the latest in agriculture and its implications. www.coxeadvisors.net/ 1:31 A contrarian look at the climate 8:38 An opportunity in natural gas? 14:07 The Maunder Minimum 17:20 A new commodity boom: Wither inflation? Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Leigh Goehring and Adam Rozencwajg stop by the office to discuss opportunities in natural resources. www.gorozen.com 1:10 #Apple worth more than the entire energy sector 4:19 What's happening with shale? 12:21 Tier-one wells on the wane 18:43 Bargains abound in energy Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

In October 2017, Marc Cohodes unveiled a new idea to the Grant's conference crowd. @AlderLaneeggs His remarks follow. 3:20 Free speech - for the bulls 18:58 Taking things personally 28:45 A common theme 35:12 "This is not a game" Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jim, Evan and Phil recap highlights from the Grant's 2019 fall conference and discuss a recent sea change in the business environment. 1:49 #Uber, #Grubhub and business model limitations 6:20 Private equity's smooth marks 10:45 Fair and foul, and foul fair 14:12 World Series postmortem 18:50 Balance sheet ignition Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Twitter user @Donutshorts calls in to discuss his investment process, assess the world at large and identify some companies which may offer compelling opportunities on the long and short side. 0:55 Positioning in an "everything bubble" 6:15 WeWork and trouble in tier-one real estate 11:30 Low rates in the U.S., negative rates elsewhere. Convergence coming? 17:30 Opportunities and risks in the energy patch 20:20 Uber, unicorns and free money Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Rick Rule, president and CEO of Sprott U.S.A. Holdings, Inc., calls in to discuss the outlook for precious metals and offer suggestions on the best ways to invest. http://www.sprottusa.com @RealRickRule 1:26 A word from Lord Liverpool 5:30 Rick's view of cryptocurrencies 10:57 How to buy gold? 14:30 The outlook for mining shares 20:48 "I just believe it goes higher" Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

George Selgin, director of the #Cato Institute's center for monetary and financial alternatives, calls in to discuss remarkable recent events in the banking system and the potential implications. @GeorgeSelgin 1:21 A money market which fails to clear 5:45 Interest on excess reserves: Unintended consequences 11:24 Too much collateral = too much debt? 15:50 More QE on the way 20:10 Fixes to fixes to fixes Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Bianco Research president and eponym Jim Bianco calls in to help us make sense of last week's chaos in short term lending rates. Jonathan Tepper, founding partner at Variant Perception, assesses the commercial landscape and identifies potentially attractive opportunities. @biancoresearch @jtepper2 @VrntPerception 8:15 Why didn't the banks arbitrage those high rates? 13:50 Excess reserves and post-crisis regulation 19:00 Corporate competition on the wane 24:20 Europe set for a rebound? Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Marty Fridson, chief investment officer Lehmann, Livian, Fridson Advisors LLC and "One of Wall Street's most thoughtful and perceptive analysts" according to the New York Times, stops by to discuss all things credit. 2:54 What's new in high-yield and leveraged loans 7:30 Marty's preferred income-generating assets 13:00 A garden-variety recession: Enough to spur widespread defaults? 19:24 Price controls, central planning and central banking 24:03 Can negative-yielding issuers default? Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Tuomas Malinen, PhD (econ.) CEO of GnS Economics Limited and Adjunct Professor of Economics at the University of Helsinki, calls in to express his concerns with modern theory and practice. 2:00 Applying scientific principals to economics 6:24 Groupthink in action 13:10 Central banks and intellectual dissent 15:20 MMT: the endgame 17:32 Investment implications Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jim Bianco, president of Bianco Research, calls in to discuss the state of markets and central banking following Wednesday's rate cut. @biancoresearch https://www.linkedin.com/in/james-bianco-117619152/ 2:25 Press conference post-mortem 8:01 Inverted yield curve: predictor of recession, or cause? 14:10 Negative rates on the way for the U.S.? 21:41 Jim's interview at the Fed Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jay Van Sciver, head of industrials at Hedgeye Risk Management, comes by to discuss opportunities in cyclicals, the state of the economy and some of our favorite profitless unicorns. @hedgeyelndstrls https://www.linkedin.com/in/jay-v-6740985/ 2:10 Decelerating growth and replacement demand 5:13 Jay's preferred metrics 11:07 Why don't Uber and Lyft make money? 15:38 Down on the farm 18:26 Jay's favorite ideas Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Carl E. Walter, longtime bank executive and coauthor of "Red Capitalism," joins the program to discuss important recent happenings in China. 2:55 Reading the tea-leaves 8:12 Baoshang Bank: A small fish causing big problems 14:12 Hong Kong and the mainland 19:56 More stimulus on the way? 24:38 Swapping loans for bonds Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Dan Fuss, vice chairman of Loomis, Sayles & Company and fixed income investor extraordinaire, calls in to discuss the state of markets in 2019. @LoomisSayles www.loomissayles.com https://www.linkedin.com/company/loomis-sayles-&-company/ https://www.facebook.com/pages/Loomis-Sayles/309712695756188 1:36 A rate-hike shock collar 8:12 Negative rates and the nature of safety 17:07 The 1984 bear market retest: Symmetry? 22:44 The "flow of funds phenomenon" 27:00 Dan's positioning Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Rob Arnott, founder and chairman of the board of Research Affiliates, LLC, calls in to assess conditions and opportunities around the world. 3:47 "There's no such thing as a bargain in the absence of fear" 8:53 Shiller P/E and central banks 13:06 Bubbles in a negative-rate era 20:13 Deficit spending: Does it matter? 24:36 The nature of indexation Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jeff Snider (@JeffSnider_AIP), head of global research of Alhambra Investments, calls in to discuss the workings of the modern financial system, and to offer his views on the best ways for investors to position themselves. 1:35 Eurodollars: What they are and why they matter 8:20 "There's something wrong here" 14:55 Paul Volker and the bond bear market. A mirror to today? 18:02 Contrarianism and consensus Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jim, Evan and Phil assess the state of play in high-yield credit, macroprudential regulation and an instructive recent op-ed in @WSJ. 1:40 #Trump and the USS John McCain 5:24 Do businesses need a rate cut? 10:26 An Aiful-ly low yield 16:16 Alternatives to raising rates Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Christopher Balding, associate professor at the Fulbright University of Vietnam, calls in to discuss all things China. @BaldingsWorld 1:43 Dramatic change in the air. Social credit risk 5:15 Economic growth, real and reported 9:25 "They are shorter on dollar liquidity than most people realize" 15:11 Huawei: What do we make of it? 23:18 Inflation vs. deflation Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

A super-sized episode. Jim, Evan and Phil discuss the latest financial happenings. Sabrina Fox, executive advisor of ELFA Investor Group, details the challenges awaiting creditors in Europe's loan and high-yield debt markets. @freewheelingfox https://www.linkedin.com/in/sabrina-fox-45b29b7b/ https://elfainvestors.com/ 1:12 Unicorns: Where's the beef? 11:06 This Compass points away from the profits 15:38 European credit, a bird's-eye view 23:02 Covenant erosion on either side of the Atlantic 29:33 Information asymmetry and liquidity in the secondary market Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Kent Collier and Sarah Gefter of credit research firm @Reorg call in to discuss the latest happenings in distressed debt. www.reorg.com @DDinvesting 3:51 2007, then and now 7:16 Taking inventory of the cycle 12:51 The J. Crew "trapdoor." Innovation or gimmick? 18:02 Deteriorating accounting standards 20:38 Issues that might ring the bell Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Andrew Park, senior editor at S&P Global's LCD unit, joins Grant's to discuss all things credit. 1:35 The current cycle: What's different? 5:45 CDOs in 2008 and CLOs today. Similarities and differences 12:01 Promised acquisition strategies: Dreams don't always come true 15:55 Credit managers need new supply, and borrowers happy to oblige https://www.spglobal.com https://www.linkedin.com/in/andrew-park-1b87642/ https://twitter.com/apark_ Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

George Friedman (@GPFutures), founder and chairman of Geopolitical Futures, calls in to discuss global goings-on and their potential investment implications. Jim identifies a potential long-term inflection point. 1:17 Germany's upside-down banking system 7:29 Bad loans: A Chinese specialty 9:45 What to expect 90 years out? 14:28 The "Time Magazine indicator" .@GPFutures https://www.linkedin.com/in/georgefriedmangpf/ https://www.facebook.com/GeorgeFriedmanGPF/ ‏ Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Barclay Leib (@btl0823) founder and principal of Sand Spring Advisors, LLC, comes by the office to discuss asset allocation, forensic accounting and Wall Street history. 1:44 Rules for selecting fund managers 5:40 Where does "edge" come from? 8:18 Fun and games in fund returns 12:17 The famous Hunt brothers trade 18:30 Unfavorable prices? Regulate them away Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Jim, Evan and Phil break down the watershed FOMC meeting this past week. Jim provides his updated reading list. 1:00 A startling announcement 5:15 2003 redux 10:08 E-Z money in the #economy 15:30 "Tools" and "frameworks" and "challenges" .@federalreserve Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Michael Schaus, director of market research for Brenton Point Wealth Advisors LLC and Zweig-DiMenna, stops by the office to discuss the current outlook and to remember the great investor Martin Zweig. https://brentonpoint.com/ 1:37 The European Central Bank takes it easy 6:40 Negative interest rates, back in vogue 12:39 Market cap to GDP: An useful indicator? 20:50 Weighing stock picking vs. macro Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Jim and Evan discuss the latest monetary happenings, the retirement of a Wall Street legend, and a little baseball. 1:17 The Fed's listening tour and William McChesney Martin 8:20 Inflation catch-up 12:45 "A lack of dynamism" 13:00 Bill Gross and the Bank of Japan .@federalreserve .@bank_of_japan_e Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Jim and Evan discuss recent happenings, with European credit and banking in focus. 1:32 French 30-year sovereigns offer "solid yields." 3:40 Deutsche Bank, the big sick puppy 9:19 European banks and the so-called capital relief trade 10:45 Memorializing Dodgers great Don Newcombe 11:51 Amazon.com's puffer jacket .@DeutscheBank [email protected] Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

As Japan marks 20 years of ultra-low rates, Jim and Phil take a look at monetary policies around the world. Jim shares his current reading list. 1:47 How long's secular? 3:50 Negative interest rates: a compendium 10:36 Grant's book club 14:57 The Fed's solvency, or lack thereof Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Simon Mikhailovich, lead manager of the Tocqueville Bullion Reserve, stops by Grant's world headquarters to discuss doing business in the modern administrative state. 4:17 The "menacing" language of compliance 9:30 #Gold, negative-yielding bonds and safety 16:53 Jim's reading list .@S_Mikhailovich www.bullionreserve.com Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Russell Napier, independent strategist and co-founder of the Electronic Research Interchange, joins the program to discuss the state of financial markets and his thought-provoking recent essay in the Financial Times. 3:18 "There's a global monetary system?" 6:06 Central bank credit and "the savings glut" 11:28 Treasury yields: The world's most reflexive asset class 18:35 "The People's Bank of China can inflate the whole world" https://www.facebook.com/financialtimes/ https://www.eri-c.com/ https://www.linkedin.com/in/russell-napier-81292846/ https://www.linkedin.com/company/financial-times/ @ERICresearch @FinancialTimes Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Alex J. Pollock, distinguished senior fellow at the R Street Institute in Washington and former president of the Federal Home Loan Bank of Chicago, calls in to discuss the state of our central bank's own finances. @RSI @FHLBC 3:07 Unrealized losses and the printing press 6:27 Treasury issuance and the Fed 9:45 Negative capital. Does it matter? 15:55 Partially paid-in capital; echoes of the banking partnerships of old Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

The usual suspects discuss an array of financial happenings, while Jim recaps a recent Grant's field trip. 1:20 Economists and diversity 7:31 @McDonalds franchisees; they ain't lovin' it 10:51 Buffalo bash 16:17 New year, new ideas? Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Keith Bronstein, commodities guru and president of TradeLink Holdings, LLC, calls in to discuss futures, interest rates and his latest big idea. 2:12 An opportunity in #eurodollar futures? 9:50 No-bid futures and modern finance 13:25 "Instability isn't considered instability when prices rise" 20:01 Assessing the #Fed's next moves Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Bob Farrell, longtime Merrill Lynch head of research, celebrated market technician and author of the widely cited 10 Rules for Investors, calls in to share his insights with Grant's. 2:21 What's changed, and what's the same 6:40 "Excesses in one direction lead to excesses in another." Does that apply to interest rates? 11:20 Capital allocation strategies in a lower-return environment 16:49 Buy and hold and cyclical fluctuations 20:13 Contrarian ideas right now Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Wendy Battleson, co-founder and principal of Art Strategy Partners, shares her expertise on the state of the market and its connection with other asset prices 1:48 Banksy's self-destruct button 6:10 Guaranteed bids – for a fee 11:21 Inflation in Warhol's 17:16 The art market; an extension of Wall Street? Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Michelle Leder, reporter and founder of Footnoted.com, stops by to discuss recent trends in corporate accounting and the regulatory environment. @footnoted 0:55 Accountants: Who needs them? 2:54 "Terms and conditions may apply" 10:48 Corporate shortcuts and the S.E.C. 13:12 The things that corrections correct Click here to read Harvard Business Review article "Why we need to update Financial Reporting for the Digital Era". Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Jonathan Tepper, founder of macro research firm Variant Perception and author of The Myth of Capitalism, calls in to discuss the rise of corporate monopolies and its implications. @jtepper2 1:24 The Myth of Capitalism and Amazon.com, Inc. 6:08 The beer industry, duopolies and innovation 10:14 Low interest rate policy and the rise of #cartels 15:31 The "big pendulum" of anti-trust policy and the FAANGs 20:30 Buybacks and underfunded pensions Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Chris Whalen, publisher of the Institutional Risk Analyst and financial industry expert, stops by the office to discuss the economy, credit and the Fed. @rcwhalen 1:22 The banks, as safe as a house? 6:51 A tightening Fed and profits 10:55 Rising credit costs coming down the pike 6:48 Leveraged loans, then and now 20:04 Goodbye, wealth effect Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Dean Curnutt, founder and chief executive officer of Macro Risk Advisors, joins Grant's to talk markets, volatility and anticipating the future. @Dcurnutt 1:42 Today and 2017, have things changed? 5:52 #Gold, the anti-S&P 11:23 Risk parity and trend followers: The next step 19:50 Opportunities in cyclical #stocks Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, joins the cast of characters to review pertinent signals in growth, interest rates and inflation. 4:48 The future path of inflation 9:34 Keynes and the 1960's 12:36 An interest rate surprise? 17:03 Financial repression and conventional indicators Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Kevin Warsh, former Federal Reserve governor and distinguished fellow at the Hoover Institution, pays Grant's a visit to discuss the state of the world and markets. 1:55 Making sense of the move in bond yields 6:20 The Fed and the market. Who's in charge? 11:41 Generation-length trends in interest rates 20:07 David Hume, corporate profits and interest rates 23:23 The evolution of money Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Jim, Evan and Phil hold forth on the topics of the day. 0:51 Profits and interest rates 7:48 Inflation, the very long view 9:51 Human achievements and #financial cycles Subscribe to the Grant's Current Yield Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Dan Gertner, Grant's alum in the run-up to and the midst of the 2008 crucible, comes back into the fold to review those years of excess and subsequent panic. 1:27 An email from Alan Fournier 7:30 A memorable lunch meeting 12:45 Parallels to the present day 19:10 Refinitiv: The largest leveraged buyout since the #crisis Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

John Haskell, head of research at Explorador Capital Management, joins Grant's to assess opportunities in the particularly beaten down realm of emerging markets. 2:01 Where's the value? 6:45 Argentina, bottom up investing under macro duress 10:43 Other opportunities in South #America 15:30 Implications of a bearish reversal in the U.S. Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Tony Canale, global head of research at Covenant Review, joins Grant's to discuss what's new in credit. 1:25 New laws in #Delaware and the J. Crew trapdoor 7:17 Overlooked risks for #corporate creditors 11:16 Triple-B, the frontier of #junk 17:30 Cycles, #fear and overconfidence Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

The usual suspects hold forth on a variety of financial topics, while Jim shares some of his favorite current books. 0:55 What's happening this fall 2:25 #Gold has no friends 5:50 Yield curve: Predictions, theory and history 7:12 Beach reading, Jim Grant style Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com

Richard Sandor, chairman and CEO of the American Financial Exchange and the Father of Financial Futures, joins Grant's to help us make sense of the major changes that are coming to the world financial system. 1:32 What's wrong with #Libor? 8:10 The Secured overnight #financing rate: Is it an improvement? 14:54 A potentially fraught transition from Libor 18:23 The role of #collateral 22:40 Milton Friedman, flexible exchange rates and the #gold standard Subscribe to the Grant's Podcast on iTunes, Stitcher, iHeart Radio, Google Play Music or listen from our website, www.grantspub.com