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Seemed like a good idea at the time.

Andriy Onufriyenko//Getty Images

Japan has long been a leader in hydrogen energy and fuel cell technology.
Companies like Toyota plan to build entire cities entirely powered by hydrogen.
A new report from an environmental think-tank argues that Japan is investing in the wrong applications for hydrogen technology and the determine of its decarbonization efforts.

In the past couple decades, scientists and engineers have come up with lots of ways to rapidly decarbonize the planet—but some ideas are better than others.

Take, for instance, hydrogen. Thanks to the discovery of electrolysis, hydrogen’s been a known source of energy for centuries, but Japan became a frontrunner in that energy source in recent years because of its status as a resource-poor country. A steady supply of renewable energy isn’t just an important climate initiative, it’s a matter of national security.

However, Japan may have taken things a bit too far.

In 2017, the country became the first in the world to adopt a national hydrogen plan, and companies like Toyota have committed to constructing futuristic cities powered by the technology. In 2021 alone, Japan spent around $800 million on investments into hydrogen power and fuel cells.

But according to the Renewable Energy Institute (REI), a Japanese environmental think tank, this push to use hydrogen in every conceivable energy sector is actually doing more harm than good.

From the report:

“The 2017 Basic Hydrogen Strategy is misguided, both in terms of what hydrogen is used for and how it is produced. Moreover, it promotes the use of gray hydrogen, which does not contribute to emission reductions.”

Gray hydrogen is the most common form of hydrogen production, which uses the greenhouse gas methane.

…click on the above link to read the rest…

Japan Is Perhaps the Most Important Risk in the World

January 17, 2023

Japan Is Perhaps the Most Important Risk in the World

Speculation is mounting that the Bank of Japan is losing control of the bond market. Jim Grant, editor of «Grant’s Interest Rate Observer», believes this could trigger a shock to the global financial system. He also explains why he expects further surges in inflation and why gold should be part of your portfolio.

The news caught markets off guard: On December 20th, the Bank of Japan surprisingly extended the target range for the yield on ten-year government bonds to plus/minus 0.5%. A move that not a single economist had expected.

This week, the Bank of Japan could announce a major policy shift amid rising government bond yields and a strengthening yen. Although barely a month has passed since the BoJ’s last meeting, the bond market is already testing the new upper limit of the yield curve control regime.

«To us, Japanese interest rate policy resembles the Berlin Wall of the late Cold War era, a stale anachronism that must sooner or later fall,» says Jim Grant. For the editor of the iconic investment bulletin «Grants’ Interest Rate Observer,» recent developments in Japan pose an underestimated risk to global financial markets. Not least because virtually no one is talking about it.

In an in-depth interview with The Market NZZ, which has been slightly edited for clarity, Mr. Grant explains what it means for financial markets if the Bank of Japan is forced to scrap its yield curve control policy. But first, he says why he doesn’t believe inflation will end soon, why bonds may be at the start of a long bear market, and why he believes gold is the best choice as a store of value.

«If the past is prologue and if the great bond bull market is over, then on form, we are looking at what could be a very prolonged and perhaps gradual move higher in interest rates»: Jim Grant.

…click on the above link to read the rest…

Top Marine General In Japan Bluntly Describes US Is “Setting The Theatre” For Future War With China

January 10, 2023

Top Marine General In Japan Bluntly Describes US Is “Setting The Theatre” For Future War With China

The top Marine Corps General for Japan this week issued some very revealing statements in an interview focused on countering China in the Financial Times. Despite Chinese leadership insisting that the Taiwan and Ukraine situations are not comparable, this is precisely how Lieutenant General James Bierman presented the situation, even going so far as to admit the Pentagon is preparing a counter-China “theatre” by cultivating military ties with southeast Asian allies.

“The US and Japanese armed forces are rapidly integrating their command structure and scaling up combined operations as Washington and its Asian allies prepare for a possible conflict with China such as a war over Taiwan, according to the top Marine Corps general in Japan,” the FT report begins.

*Now Lieutenant General James Bierman Jr. pictured in June 2018. Commanding general of 3rd Marine Expeditionary Force and Marine Forces Japan. Image: US Marine Corps/Stripes.*

While it’s no secret that Tokyo has been more and more openly siding with the US stance on arming Taiwan over the past year, also abandoning its historic post-WWII neutrality by drastically ramping up defense spending, Gen. Bierman confirmed “exponential increases” over the past year in joint US-Japan operations.

The interview itself is explosive enough to provoke the ire of Beijing officials, given how explicit the theme of the ‘Ukraine-ification of Taiwan’ is throughout Bierman’s statements, especially given it’s coming from the commanding general of Third Marine Expeditionary Force (III MEF) and of Marine Forces Japan.

Speaking in an unusually open and detailed manner regarding ongoing preparations to defend Taiwan, the US general said the following:

…click on the above link to read the rest…

11 years later, fate of Fukushima reactor cleanup uncertain

November 17, 2022

11 years later, fate of Fukushima reactor cleanup uncertain

Tanks storing treated radioactive water after it was used to cool the melted fuel are seen at the Fukushima Daiichi nuclear power plant, run by Tokyo Electric Power Company Holdings (TEPCO), in Okuma town, northeastern Japan, Thursday, March 3, 2022. The government has announced plans to release the water after treatment and dilution to well below the legally releasable levels through a planned undersea tunnel at a site about 1 kilometer offshore. (AP Photo/Hiro Komae)

OKUMA, Japan (AP) — Eleven years after the Fukushima Daiichi nuclear power plant was ravaged by a meltdown following a massive earthquake and tsunami, the plant now looks like a sprawling construction site. Most of the radioactive debris blasted by the hydrogen explosions has been cleared and the torn buildings have been fixed.

During a recent visit by journalists from The Associated Press to see firsthand the cleanup of one of the world’s worst nuclear meltdowns, helmeted men wore regular work clothes and surgical masks, instead of previously required hazmat coveralls and full-face masks, as they dug near a recently reinforced oceanside seawall.

Workers were preparing for the planned construction of an Olympic pool-sized shaft for use in a highly controversial plan set to begin in the spring of 2023 to gradually get rid of treated radioactive water — now exceeding 1.3 million tons stored in 1,000 tanks — so officials can make room for other facilities needed for the plant’s decommissioning.

Despite the progress, massive amounts of radioactive melted fuel remain inside of the reactors. There’s worry about the fuel because so much about its condition is still unknown, even to officials in charge of the cleanup.

…click on the above link to read the rest…

Japan’s Economy Is Again Struggling

March 29, 2021

Japan’s Economy Is Again Struggling

Japan. the world’s third-largest economy is highly dependent on exports and the reality it is still struggling even after a great deal of America’s stimulus money leaked into buying imported goods speaks volumes. While it feels a bit like ancient history, Japan’s GDP contracted at an annualized rate of 28.8 percent in Q2 of 2020, the biggest decline on record. Even after bouncing back 21.4 percent quarter-on-quarter in Q3 and 12.7 percent in Q4 Japanese national accounts are still lagging behind mid-2019 levels. For all of 2020, spending by households with at least two people fell 5.3% due to the hit from the pandemic. It was down 6.5% for all households, the worst drop since comparable data became available in 2001.

https://cdn.statcdn.com/Infographic/images/normal/22583.jpeg

All in all, this means the country is still playing catch up, partly because Japan also experienced two additional quarters of negative growth in Q1 of 2020 and Q4 of 2019. Adding to the problem is Japan’s household spending fell for the first time in three months in December, in a sign consumer sentiment was weakening even before the government called a state of emergency to control a new wave of the coronavirus. Lower demand for services such as travel tours also weighed, as the pandemic forced the cancellation of domestic tourism promotions. Last year, spending on accommodations fell 43.7%, while overseas and domestic tour travel expenditure slumped 85.8% and 61.9%, respectively.Not only is Japan again struggling to stay out of recession, but it also faces a wall of debt that can only be addressed by printing more money and debasing its currency. This means they will be paying off their debt with worthless yen where possible and in many cases defaulting on the promises they have made. Japan currently has a debt/GDP ratio of about 240% which is the highest in the industrialized world. With the government financing almost 40 percent of its annual budget through debt it becomes easy to draw comparisons between Greece and Japan.

…click on the above link to read the rest of the article…

japan, bruce wilds, advancing time blog, exports, recession, currency debasement, debt,

Extreme ocean-effect snow buries parts of Japan beneath seven feet, with more coming

January 6, 2021

Extreme ocean-effect snow buries parts of Japan beneath seven feet, with more coming

The nation was sandwiched in between record-breaking weather systems.

The American GFS model simulates heavy snow targeting Japan during the next week. (WeatherBell)

Barely two weeks after a prolific ocean-effect snowstorm dropped seven feet of snow and stranded thousands of motorists, the new year in Japan kicked off with another severe snowstorm. Up to another 85 inches fell through Saturday amid strong winds and record cold temperatures.

Up to seven feet of snow slams Japan, stranding 1,000 motorists

Photos emerged on social media of a landscape plastered in white as heavy snow covered the mountains of Japan. One shot captured a roughly five-foot block of snow balanced precariously on a phone booth, while another showed what appeared as a white blanket presumably cloaking trees, structures and vehicles.

The mind-boggling snowfall is linked to a pair of record-breaking weather systems that induced a prolonged period of westerly to northwesterly winds, the ideal wind fetch needed to yield the factory-like production and dumping of heavy snow.

Mountainous areas of Japan are bracing for yet another dump of heavy snow over the next five days.

The second extreme snowfall in two weeks’ time

Japanese news agency NHK reported that Okura Village in Yamagata Prefecture, a mountain community a little more than 200 miles north of Tokyo, had received 85 inches of snow by late Friday. The seven feet of snow matched what came down the week of Dec. 18 just to the south in the community of Fujiwara.

That snowstorm stranded more than a thousand motorists on the Kan-Etsu Expressway for more than 24 hours, with drivers forced to melt snow for drinking water during the overnight debacle.

…click on the above link to read the rest of the article…

Fukushima To Dump 1 Million Tons Of Radioactive Water Into Pacific

October 19, 2020

Fukushima To Dump 1 Million Tons Of Radioactive Water Into Pacific

Tokyo Electric Power’s Fukushima Daiichi Nuclear Power Station is expected to release more than one million tonnes of treated radioactive water from the destroyed nuclear power plant into the ocean after the 2021 Tokyo Olympic Games, according to the Asian Nikkei Review.

More than one thousand storage tanks at the Fukushima Daiichi site are lining the property and store upwards of 1.23 million tonnes of treated radioactive water. In recent years, we’ve pointed out (see: here & here) how storage tank capacity has been running out and battles fume over the prospects of releasing the tainted water.

The water in question has had radioactive isotopes removed through a complex filtration process – except for tritium. Even with existing technology, tritium cannot be removed. In large quantities, the tritium-mixed water could pose severe risks for wildlife and humans. The expected release would occur after 2022.

The decision to end several years of debate over releasing the tritium-mixed water appears to be coming to an end. But, in 2019, South Korea raised concerns to the International Atomic Energy Agency about the planned release.

Earlier this year, a Japanese government panel contemplated multiple release strategies: the first was to dump the tritium-mixed water into the ocean; the second was to allow the water to evaporate. The decision appears to be a controlled release into the Pacific Ocean.

Chief Cabinet Secretary Katsunobu Kato said Friday, without commenting directly on Fukushima’s planned release of treated radioactive water, that:

“We can’t postpone a decision on the plan to deal with the… processed water, to prevent delays in the decommission work of the Fukushima Daiichi nuclear power plant,” Kato said.

Environmental activists have not been thrilled with the upcoming release. Fisherman, farmers, and ordinary citizens have voiced concerns that releasing the tainted water could trigger an “environmental shock” and damage the surrounding ecosystem.

…click on the above link to read the rest of the article…

Japan Embraced Debt As a Way Out of Its Budget Crisis. It’s Not Working.

October 16, 2020

JAPAN EMBRACED DEBT AS A WAY OUT OF ITS BUDGET CRISIS. IT’S NOT WORKING.

The sudden resignation of Japans Prime Minister Shinzo Abe has led to evaluations of his so-called Abenomics. Many have praised Abe’s aggressive monetary policy because the long shopping list of the Bank of Japan (government bonds, corporate bonds, ETFs and real estate investment trusts) has inflated stock and real estate prices (Shirai 2020; Financial Times 2020). Concerns remain on the fiscal side since Abe’s consumption tax hikes from 5 percent to 8 percent in 2014 and to 10 percent in 2019 are widely seen as a failure (The Economist 2020). Indeed, Abe resolved Japan’s deep-seated fiscal problems only superficially.

Figure 1: Tax Revenues of Japan’s Central Government

Source: Ministry of Finance, Japan.

The core of the problem is cheap money issued by the Bank of Japan, which had caused a stock and real estate bubble in the second half of the 1980s. While the bubble had inflated tax revenues, its bursting was followed by an unprecedented economic slump during which the corporate and income tax revenues collapsed from 43 trillion yen (approx. 390 billion dollars) in 1990 to 23 trillion yen (approx. 185 billion dollars) in 2012 (Figure 1), when Abe took office.

Figure 2: Social Security Expenditure and Local Allocation Tax as Share of Total Tax Revenues

Source: Ministry of Finance, Japan. Central Government.

At the same time Japan’s aging population ballooned the government contributions to the public pension and health insurance system, from 12 trillion yen (approx. 110 billion dollars) in 1990 to 36 trillion yen (approx. 327 billion dollars) in 2019. In addition, the so-called local allocation tax grants of around 16 trillion yen per year (approx. 145 billion dollars) to the economically exhausted Japanese periphery continued to constitute a heavy burden for the central government. In the wake of the global financial crisis, both together had increased far beyond the central governments’ tax revenues (Figure 2).

…click on the above link to read the rest of the article…

Is War With China Becoming Inevitable?

October 14, 2020

Is War With China Becoming Inevitable?

Tensions are rising between the U.S. and China, as the list of ideological, political and economic clashes continues to lengthen. And there is a transparent new reality: China seems in no mood to back down.

“The Indians are seeing 60,000 Chinese soldiers on their northern border,” Secretary of State Michael Pompeo ominously warned on Friday.

He spelled out what he meant to commentator Larry O’Connor:

“The Chinese have now begun to amass huge forces against India in the north. … They absolutely need the United States to be their ally and partner in this fight.”

Pompeo had just returned from a Tokyo gathering of foreign ministers from the Quadrilateral Security Dialogue, or “Quad,” the group of four democracies — U.S., Japan, Australia, India — whose purpose is to discuss major Indo-Pacific geostrategic issues.

Exactly what kind of “ally and partner” the U.S. is to be “in the fight” between India and China over disputed terrain in the Himalayan Mountains was left unexplained. We have no vital interest in where the Line of Control between the most populous nations on earth should lie that would justify U.S. military involvement with a world power like China.

And the idea that Japan, whose territorial quarrel with China is over the tiny Senkaku Islands in the East China Sea, thousands of miles away, would take sides in a Himalayan India-China conflict also seems ludicrous.

Yet, tensions are rising between the U.S. and China, as the list of ideological, political and economic clashes continues to lengthen.

And there is a transparent new reality: China seems in no mood to back down.

…click on the above link to read the rest of the article…

Japan’s QE On Verge Of Failure As Nobody Wants To Sell To The BOJ

March 25, 2020

Japan’s QE On Verge Of Failure As Nobody Wants To Sell To The BOJ

Over a decade since central bankers started a stealthy nationalization of capital markets by purchasing a wide range of securities from Trasuries, to MBS, to corporate bonds, to ETFs and single stocks, their actions are finally catching up to them, and in the process breaking the very markets central bankers have worked so hard to prop up. And nowhere is this more obvious than in Japan, where the shrinking universe of Japanese government bonds (as a reminder the BOJ now owns more than 100% of Japanese GDP in JGBs) is “causing havoc” in Japanese money markets as the Bank of Japan continues to buy while dealers refuse to sell.

The result is that rates in Japan’s repo market, which traditionally connects holders of bonds with investors looking to borrow them, jumped to a record Tuesday (although they since retreated on Wednesday) because as Bloomberg notes, “the introduction of cheaper, more regular dollar-swap auctions has generated huge demand from U.S. currency-starved dealers who are keeping their JGBs to put them down as collateral.”

So here is what the math looks like now that the Fed has launched enhanced swap lines with central banks such as the BOJ, allowing local entities to obtain dollar funding at much lower rates: in last week’s first round of the Fed’s revamped dollar-swap auctions, banks borrowed greenbacks for about 3-months at 0.37%, a massive discount to the near 2% it would cost them in the currency swap market. $32 billion was alloted in the first operation.

…click on the above link to read the rest of the article…

Next Economic Downturn May Last Forever And A Day

March 3, 2020

Next Economic Downturn May Last Forever And A Day

Market Manipulation Has Created Big Problems

Based on how Japan has fared over the last several decades it is difficult to see the green shoots of a global economic spring forth as a result of lower interest rates. In fact, the next economic downturn will likely envelope the planet and may last forever and a day. This is because central bank intervention and manipulation often carries with it negative unintended consequences. People often forget how lucky Japan has been during its trying times to be located next to China. Because of China’s years of booming growth, Japan has been able to mitigate much of the pain that occurred when its economic bubble burst in 1992.

In the decades since, Japan’s stock market has never again come near the lofty peak it hit back then. During the years after Japan’s fall from grace, it was able to soften the impact of its economic problems by strengthening ties with rapidly growing China which needed help in developing its export-driven economy. Today many people feel the global economy is in a bubble eerily similar to the one experienced by Japan before its implosion. The question is not whether the market and economy are about to undergo a massive reset but when. Concern is also growing as to how deep, painful, and long the next downturn will last.

A huge factor in the world trudging forward following 2008 is the massive growth in the money supply and debt over the last several decades. This growth in debt and credit has exploded making the financial sector a far bigger part of our economy than it should be. The economy has become more about asset values than solid growth in production, this has added to inequality and this does not create a healthy environment for investors.

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“Tsunami-Like” Coronavirus Floods South Korea With New Cases; Europe Begins To Isolate Italy: Live Updates

February 24, 2020

“Tsunami-Like” Coronavirus Floods South Korea With New Cases; Europe Begins To Isolate Italy: Live Updates

Summary:

In a report that was 4 hours “late”, China reported an additional 409 coronavirus cases across the entire nation, and 150 additional deaths as of February 23 compared to 648 additional cases and 97 deaths on February 22; this brought total China cases to 77150 and total deaths 2592
- China’s Hubei province said it has 398 New Coronavirus Cases As Of Feb 23 and 149 New Coronavirus Deaths.
South Korea raised its national threat level to “red alert” for the first time since the H1N1 swine flu outbreak in 2009. The total number of confirmed cases in the country reached 763, a jump of 161 overnight, and a 25-fold increase in the past week.
The Italian government said it has 152 confirmed cases, up from three in a matter of days. Three people have died. Authorities have locked down about a dozen small towns and canceled events across the north, including Venice’s Carnival.
Iran has confirmed eight deaths related to the coronavirus, the most outside of China, media reported Sunday. South Korea confirmed its seventh death.
4 more cases confirmed in UK
200 Israelis quarantined
Japan confirms more cases; Japanese Emperor expresses hope for Tokyo Games
Trump says US has everything ‘under control’ as he asks Congress for more money
EU’s Gentiloni says he has ‘full confidence’ In Italian health officials
Turkey, Pakistan close borders with Iran as confirmed cases soar
Global Times says virus may not have originated at Hunan seafood market
Axios reports shortages of 150 essential drugs likely.

* * *

Update (2200ET): In a release that was about 4 hours late, China’s Hubei province said it has 398 New Coronavirus Cases As Of Feb 23 and 149 New Coronavirus Deaths. Overall, China reported an additional 409 coronavirus cases across the entire nation, and 150 additional deaths as of February 23 vs. 648 additional cases and 97 deaths on February 22. This brings the total number of cases across China to 77,150, and total deaths to 2592.

…click on the above link to read the rest of the article…

The Collapse Of This Historic Correlation Suggests A Major Crisis Is Imminent

February 21, 2020

The Collapse Of This Historic Correlation Suggests A Major Crisis Is Imminent

A lot of digital ink has been spilled in recent days over the perplexing reversal of the Yen, which for years was seen by the market as a “flight to safety” trade (as unexpected crisis events would prompt capital repatriation into Japan or so the traditional explanation went), only to suffer a major selloff in the past week as it suddenly started trading not as a funding currency for risk-on FX pairs, but as a risk asset itself.

To us, the reversal is far less perplexing than some smart people make it out to be: with Japan now effectively in a recession following the catastrophic Q4 GDP print which crashed 6.3% annualized, validated by today’s just as terrible PMI report…

.. and with Japan now set to suffer a major hit due to the coronavirus epidemic spreading like wildfire across the region, it is only a matter of time before the BOJ follows the ECB and Fed in reversing what has been years of QE tapering, and either cuts rates further into negative territory or expands its QQE (with yield control), and starts buying equities (although with the central bank already owning more than 80% of all ETFs, one wonders just what risk assets are left for the central bank to buy). Needless to say, both of these would have an adverse impact on the yen, and potentially lead to destabilization in the Japanese bond market which for years has defied doom-sayers, but it will only take one crack in the BOJ’s confidence for Japan’s entire house of cards to fall apart. That said, we are not there quite yet.

Furthermore, after the bizarre move in the prior two days, overnight the JPY appears to regain some normalcy, when it traded as it should (i.e., it was once again a risk-off proxy), with the USDJPY sliding during the two major “risk-off” events overnight.

…click on the above link to read the rest of the article…

Japan Set To Release 1.2 Million Tons Of Radioactive Fukushima Water Into Ocean, Causing “Immeasurable Damage”

February 2, 2020

Japan Set To Release 1.2 Million Tons Of Radioactive Fukushima Water Into Ocean, Causing “Immeasurable Damage”

Just in case a global viral pandemic, whose sources are still unclear and apparently now include human feces, wasn’t enough, the global outrage meter is about to go “up to eleven” with Japan now set to flood the world’s oceans with radioactive water.

In a move that will surely prompt a furious response from Greta Thunberg’s ghost writers (unless of course it doesn’t fit a very narrow agenda), a panel of experts advising Japan’s government on a disposal method for the millions of tons of radioactive water from the destroyed Fukushima nuclear plant on Friday recommended releasing it into the ocean. And, as Reuters notes, based on past practice it is likely the government will accept the recommendation.

Tokyo Electric, or Tepco, has collected nearly 1.2 million tonnes of contaminated water from the cooling pipes used to keep fuel cores from melting since the plant was crippled by an earthquake and tsunami in 2011. The water is stored in huge tanks that crowd the site.

*Tepco expects the wastewater storage tanks at the Fukushima Daiichi nuclear plant to run out of capacity around 2022*

The panel under the industry ministry came to the conclusion after narrowing the choice to either releasing the contaminated water into the Pacific Ocean or letting it evaporate – and opted for the former, even though it means that Japan’s neihgbors will now have to suffer the consequences of the biggest nuclear disaster since Chernobyl.

Previously the committee had ruled out other possibilities, such as underground storage, that lack track records of success. At the meeting, members stressed the importance of selecting proven methods and said “the government should make clear that releasing the water would have a significant social impact.”

…click on the above link to read the rest of the article…

“No Chinese Allowed”: Hysteria Grips Asia As Millions Travel Amid Viral Outbreak

January 22, 2020

“No Chinese Allowed”: Hysteria Grips Asia As Millions Travel Amid Viral Outbreak

On Wednesday, health officials in China once again announced a sharp increase in the number of reported cases of the mysterious new coronavirus that is now confirmed to have caused at least nine deaths, as we reported last night.

As hundreds of millions of Chinese leave the country for vacation destinations abroad – all part of what the NYT described as the largest human migration on Earth – the hysteria has reached a fever pitch.

In Japan, one shopkeeper in the mountain town of Hakone (a popular vacation destination) has been heavily criticized for hanging a sign outside his door reading ‘no Chinese allowed’. The full message displayed on the sign (pictured below) reads: “No Chinese are allowed to enter the store…I do not want to spread the virus.”

According to the SCMP, the as-yet-unidentified owner of the confectionery store told the Asahi newspaper that he used a translation application to write the message in Chinese, adding, “I want to protect myself from the virus and I don’t want Chinese people to enter the store.”

Japanese tourism officials apologized for the shopkeepers’ actions after he was roundly criticized on social media.

Shin Hae-bong, a professor of law at Aoyama Gakuen University, said the store owner was not breaking the law, as Japan doesn’t have any laws against discrimination on the books.

And while Chinese tourists could try to take him to court, that would take some time.

“This is obviously wrong, but the only thing that could be done would be for a suit to be filed as many Japanese courts have in recent years ruled against places that bar people based on their nationality,” she said.
“The courts have, in those cases, used the International Convention on the Elimination of All Forms of Racial Discrimination for the basis of their rulings.”

…click on the above link to read the rest of the article…

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«If the past is prologue and if the great bond bull market is over, then on form, we are looking at what could be a very prolonged and perhaps gradual move higher in interest rates»: Jim Grant.

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