“Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said economies and their financial markets take decades to return to normal after the havoc caused by too much debt.
An authentic debt crisis, which the world is experiencing, can only be ultimately cured by default or printing more money in order to inflate it away, Gross said in his monthly investment outlook posted on the Newport Beach, California-based company’s website.
The U.S. Treasury market is considered the cleanest “dirty shirt” for investors, Gross wrote.”
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