Jim Grant notes that the market is very worried about the finances of the state of New Jersey.
He points to the state's underfunded pension plan and huge level of debt as the reason.
Yields on New Jersey debt have soared so far in 2015.
This makes him wonder how Chris Christie can possibly run for president on the basis of fiscal responsibility which is supposedly important to the Republican Party.
Grant points to the fake interest rates that the Central Banks have created as the cause of the huge debt problems around the world.
