WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Bill Gross's last PIMCO Investment Outlook

... is a good read. It acknowledges the great credit Ponzi, that our economy is entirely dependent on issuing new debt to pay interest on old debt.  It's something that everyone who understands macroeconomics knows, but it's rarely spoken in polite company.

Read it here.  And in case PIMCO takes it down after Gross's jumping ship just before being made to walk the plank, here's the Google cache.

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