9.26.2014

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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Milestones

I talk a lot about inflation. But today was the first time in my life I actually used a dollar bill as toilet paper.