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Jim Grant: China is 'a cauldron of distortions'

In a Santelli Exchange interview exclusive to CNBC Pro subscribers, Jim Grant discussed China's debt problem, the possibility of recession and Federal Reserve monetary policy.

"China is an extraordinary cauldron of distortions. An absolute wild creation of debt," Grant said.

He added, "The Federal Reserve does have its thumb on the scale. One can't trust these market indicators as one could in the past. ... We're closer to a recession than not."

Jim Grant authors Grant's Interest Rate Observer.

To watch the full interview, you must be a CNBC Pro subscriber.