I've been reading Jared Dillian for some time now. He writes a newsletter called The Daily Dirtnap (evidently that was a trading term on the Lehman Brothers floor – inside joke). It's a simple three-page letter on some aspect of the markets or a trade he's doing, as he still makes his living trading. I'm sending out his letter today because I want you to read page 2. He talks about the new free album from U2 that iTunes pushed out to everybody. It just shows up magically on iPhones. And then you get some strange new U2 song in your random playlist.

There has been a lot of pushback. There is free music and then there is free music, evidently. Music at the zero bound. Then Jared asks a question about rates at the zero bound and what happens when Europe goes below zero. Hmmm.... Even people who like U2 don't seem to be happy about free. Funny things happen when you get water below zero or interest rates that are negative, either real or implied.