If you're not depressed already
Bill Gross is out with his latest Investment Outlook and it's enough to put even the most sunny optimist into a bad mood.
He goes one-by-one through all the major economies and argues for trouble ahead.
"Our finance-based global economy is transitioning due to the impotence of monetary policy which has always, and is now increasingly focused on the elixir of low/negative interest rates," he writes.
He mocks central banks and their ridiculous fixation on models and math.
"The Fed, global central banks, and their fixation on statistical modeling to influence monetary policy, as opposed to common sense and financial regulation," Gross writes. " They all seem to believe that there is an interest rate SO LOW that resultant financial market wealth will ultimately spill over into the real economy. I have long argued against that logic and won't reiterate the negative aspects of low yields and financial repression in this Outlook. What I will commonsensically ask is 'How successful have they been so far?'"
