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Jim Grant delivers a holiday message and review of 2019 financial events. \xa0 1:15 The state of the world as 2020 looms. \xa0 7:45 All things cyclical \xa0 11:30 The repo hiccup and unscripted events. \xa0 17:15 UST margin demand: a product of unnaturally-low rates? \xa0 Subscribe to Grant\u2019s Podcast on\xa0iTunes,\xa0Stitcher,\xa0iHeart Radio\xa0and\xa0Google Play Music.\xa0Grant\u2019s Interest Rate Observer is available at\xa0http://www.grantspub.com