Today, the United States wakes up at 2, smokes a joint, goes shopping for designer clothes (made in Italy), and yells at the cashier when he or she finds out the card's limit has been exceeded. In the 1940s -- even adjusted for inflation, GDP, and population growth, the U.S. wasn't printing money anywhere near current levels. Listen, if we go to 1.6% (or lower) on the 10-year Treasury, it will be because Jesus is back, and he's buying the long end of the yield curve.