Yeah, the part I liked was the reasons the fed is in a box and can't raise or keep rates the same. They want it both ways but, the arithmetic simply won't allow it, something has got to give! IMHO I think they will eventually try to raise rates, after they allow the market to grind lower so it doesn't have as far to fall. The raise will not be more than a token .25% but, will not solve the problems of pension and insurance bond yields, moreover I don't think we will ever see the necessary normalized rates of 5% again in our lifetimes. Having said that, I just don't see how they can hold things together, there is no solution other than a total reset which will lead to civil unrest.