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That’s pretty much the only way can interpret the latest from Bill Gross…The “bond god” — who has been one of the worst performing managers this year thanks to his bearish view on Treasuries — is now sounding like Marc Faber or some other doomsayer, warning that the US is in worse shape than Greece.
If sovereign debt were only measured by debt to GDP it’s possible he may have a point, but what Greece has really taught us is that the entire Euro monetary system is flawed.
The US situation bears no similarity to Greece, as yields just grind lower and lower despite public finance numbers that are a mystery to nobody in the market.
Of course, Gross would say that it’s all the Fed keeping yields low, and that it all will unravel on June 30, when QE ends.
We’ll revisit this point then, but the fact that everyone else knows about this June 30 date — and nobody is concerned — should certainly be an eyebrow raiser for anyone buying into his thesis.
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