I think it's useful to imagine how things might look ten years hence. What will one's children, heirs or successors think about a purchase today of ten-year Treasurys at 3.25 percent? They'll look back and say, `What were they thinking?' The (federal deficit) was running at 10 percent of GDP, the Fed had pressed its interest rates to zero, it had tripled the size of its balance sheet, and they bought bonds? Treasurys are hugely uninteresting, as is similar government debt the world over.
~Jim Grant, editor, Grant's Interest Rate Observer, Associated Press interview, May 20, 2011