Hi Per,

I agree that there are many distortions and manipulations of interest rates and makes using a "market"-based proxy spurious, at best.

From your comment above, I take it that you agree with what I wrote in the piece:

"Currently, the proxy for the bedrock required rate of return, constant maturity Treasuries, relies upon the strength of intelligence and character (creditworthiness) of an elected body and its monetary authorities for their performance. In other words, constant maturity Treasuries are an investment in a complex system that often reflects human frailty as much as, or more than, human virtue."

Thank you so much for participating in the discussion!

Jason