Bill Gross as a guest for Knapp?

[WOTR]

Wow!  Gross said in an investment letter released on PIMCO's website on Wednesday. "It's as if the Earth now has two moons instead of one and both are growing in size like a cancerous tumor that may threaten the financial tides, oceans and economic life as we have known it for the past half century, Welcome to 2012."

I would suggest a guest for Noory, but I hate to insult the intelligence of a man in charge of the worlds largest bond fund (244 billion dollars under his management.)  It seems that having a guy like this on might be better economic advice for the coming year than their psychic financial advisers they sometimes have on (I know, reality is not really what coast is about.)  Heck, anytime a guy in charge of billions makes mention of the paranormal, 2012, and a little doom and gloom, you have to love it.

It is actually a very good, short, informative read and found at:
http://media.pimco.com/Documents/PIMCO%20IO%20Jan%202012%20GBL.pdf

I love the part about two moons, but he sums up the economic crap that has occurred in the last few years with "It actually began with early 20th century fractional reserve banking, but came into its adulthood in 1971 when the U.S. and the world departed from gold to a debt-based credit foundation. Some called it a dollar standard but it was really a credit standard based on dollars and unlike gold with its scarcity and hard money character, the new credit-based standard had no anchor â€" dollar or otherwise. All developed economies from 1971 and beyond learned to use credit and the expansion of debt to drive growth and prosperity. Almost all developed and some emerging economies became hooked on credit as a substitution for investment in tangible real things â€" plant, equipment and an educated labor force. They made paper, not things, so much of it it seems, that they debased it. Interest rates were lowered and assets securitized to the point where they could go no further and in the aftermath of Lehman 2008 markets substituted sovereign for private credit until it appears that that trend can go no further either. Now we are left with zero-bound yields and creditors that trust no one and very few countries. The financial markets are slowly imploding â€" delevering â€" because there’s too much paper and too little trust. Goodbye “Old Normal,” standby to redefine “New Normal,” and welcome to 2012’s “paranormal.”

That rather damning view from a guy in charge of the worlds largest bond fund... Wow.