Jim Grant delivers a holiday message and review of 2019 financial events.   1:15 The state of the world as 2020 looms.   7:45 All things cyclical   11:30 The repo hiccup and unscripted events.   17:15 UST margin demand: a product of unnaturally-low rates?   Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com