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Bill Gross: We’ve Got a “Ponzi-Style Economy”

Posted By admin On January 9, 2009 @ 4:26 am In Money Watch | Comments Disabled

George Washington’s Blog [1]
Friday, Jan 9, 2008

Bill Gross is managing director of the world’s largest bond fund, Pimco, which manages some $790 Billion Dollars [2] in assets. Pimco also is managing [3] the commercial-paper assets for the Federal Reserve as part of the government’s Commercial Paper Funding Facility program. As such, Pimco is in many ways an insider.

In his January 2009 Investment Outlook, Gross writes [4] that it is not only Madoff who ran a Ponzi scheme, but the entire U.S. economy is a Ponzi-like scheme. He calls it “our Ponzi-style economy”.

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Bill Gross: Weve Got a Ponzi Style Economy 121208banner3 [5]

This may be obvious to many of us. But the fact that Gross said it is news.


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URL to article: http://www.prisonplanet.com/bill-gross-weve-got-a-ponzi-style-economy.html

URLs in this post:

[1] George Washington’s Blog : http://georgewashington2.blogspot.com/2009/01/bill-gross-weve-got-ponzi-style-economy.html

[2] $790 Billion Dollars: http://www.pimco.com/LeftNav/AboutPIMCO/Milestones.htm

[3] managing: http://wallstreetblips.dailyradar.com/story/pimco_tapped_to_manage_fed_s_cpff/

[4] writes: http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2009/IO+Gross+Jan+09+Andrew+Mellon+vs+Bailout+Nation.htm

[5] Image: http://www.efoodsdirect.com/products.html

[6] Bill Gross Calls Fed “Most Brazen” Of All Ponzi Schemes, Says 30 Year Bond Market Is Ending, Compares US Economy To Black Hole: http://www.prisonplanet.com/bill-gross-calls-fed-most-brazen-of-all-ponzi-schemes-says-30-year-bond-market-is-ending-compares-us-economy-to-black-hole.html

[7] Bill Gross Sends Out Big Apology To Investors, And Then Declares That The Economy Is Doomed: http://www.prisonplanet.com/bill-gross-sends-out-big-apology-to-investors-and-then-declares-that-the-economy-is-doomed.html

[8] Bill Gross To Bernanke: “Thanks Chairman! Got Any More?”: http://www.prisonplanet.com/bill-gross-to-bernanke-thanks-chairman-got-any-more.html

[9] Ponzi Kingpin Calls U.S. Government a Ponzi Scheme: http://www.prisonplanet.com/ponzi-kingpin-calls-u-s-government-a-ponzi-scheme.html

[10] U.S. Must Spend to Avoid Mini Depression, Gross Says: http://www.prisonplanet.com/us-must-spend-to-avoid-mini-depression-gross-says.html

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