I wanted to start though with just a little bit about the current situation, or the situation in the aftermath of the financial crisis of 2008, 2009. And that's not what I'm showing you, this ad here, I found it from 1982. What I'm commenting here is that the current economic situation is rather different from 1982, and one sign of that is you don't see these ads anymore. [LAUGH] I was just thinking, where are the ads for savings accounts? They used to be all the time in newspapers and magazines and TV. So I couldn't remember what they looked like, so I looked it up. I found this ad, and this is one you'd love to see today, but you won't see it today. [LAUGH] So this is offering a passbook plus account with a 7.4 per annum interest rate. Now say, do you even know what a passbook savings account is? Actually, I have my passport here, I think. No, I don't, it's in my other, [LAUGH] it looks like a passport. You used to walk into banks, everything has changed so much. You used to walk in, and there would be a teller. And you would present your passbook. And you could either deposit or withdraw. And they would enter your new balance in your passbook. It's like a statement. Whenever you need money, you go right to the bank and you pull it out. Meanwhile, you're earning 7.4% interest per year interest on it. So this actually is an ad for somebody's passbook plus savings account, which has a term, it says this in the fine print. Stated term is three months. That means you technically, they might make you wait three months to get your money out. However, this is very similar to a passbook account because you make deposits and withdrawals without penalty or loss of earnings. In this case, though, you have to keep your remaining balance at least $1,500. So here you are. You can go in and out of this account whenever you like. So it's basically an overnight account, you can take it out any day, any hour. It pays a nice interest rate, and it's insured by the government, so there's absolutely no risk. So this is what you want, right? But you're not going to get it [LAUGH] because it doesn't exist anymore. Now the secret is if you want something like this, you're going to have to pay a negative interest rate. Because it just doesn't pay. This business just doesn't pay because interest rates at the short end have gotten very low. And I'm going to come back to this. We're talking about the term structure. The term of any contract is the time that you have to keep your money in it and can't get it out. So this one is technically a three month term. But they're saying, trust us, you can get it out any time. So it's basically overnight, absolutely no penalty for withdrawing, it says. So we are in a situation in which at the short term, interest rates are virtually 0. It's a historic event. And so, when we talk about interest rates, we might wonder why these things are happening.
