Great video clip with Jim Grant dishing on the upside-down world of risk assets and the massively distorted global bond markets.

“As an example of where the world is mispricing interest rates…look to Italy, which is having a big election on Sunday…there is a speculative grade Italian security, Italian Telecom, the 5 1/4’s of 2022 are trading at 0.61 percent, that is a junk bond with a zero handle.” –  Jim Grant, CNBC, March 1

 (click here for interview)