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PIMCO's Bill Gross Goes Churchillian
When the head of the world's largest bond fund starts paraphrasing war-time phrases, you know nothing is what it seems...
Gross: Never have investors reached so high in price for so low a return. Never have investors stooped so low for so much risk.
— PIMCO (@PIMCO) May 14, 2013
It seems to us that this can only end one way and the fight on the beaches this time will be between economic reality and central-bank-inspired mass hypnosis.
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"What cliff? I don't see no stinking cliff." - Helicopter Ben just before impact.
Stop the Bernank NOW!!!
Gross must likes U2 a lot.
I have a serious question.
Can anyone in the Federal Government do ANYTHING to stop the Bernank from printing more money?
Never has so many (US people) owed so much (wealth) to so few (The Bernake)
maybe better phrased..
“Never before have so many momos paid so much for so few fundamentals.
To SWA - Why would you think anyone in the Fed government would want Bernenke to stop printing? Much of their power comes from the ability to steal from people the wealth they have created and saved and disburse it to others?
The printing of money allows them to do even more. For God's sake man, everyone in the Federal government is egging Bernenke on!
"Never in the field of human conflict was so much stolen from so many by so few."
Never have so many lost so much by knowing so little.
Bill is becoming famous for tweeting obvious things that have been true for years. Especially since he was fucking advocating government stimulus 3 years ago. Well you got it Bill! Dont' fucking bitch now!
When two grown men share a twitter account, a bottle of vaseline is not far off...
sure. A law. Like the very Act that established the FED
Allow me to clarify my question.
Are there any existing legal mechanisms to force the Bernank to stop printing money?
What?
The 'law' is for the little people.
When the King and his court are involved the law is........shall we say 'flexible' on such matters?
why would the government want the fed to stop? devaluation benefits the debter. it allows congress to keep spending. sure it mis allocates capital, it drives the productive classes out of existence, but restraint isn't easy and it doesn't benefit congress.
interesting side note--today's misallocation of capital / investing in govt. securities is a lot like Spain's money printing in the late 16th century... ironically to hard money buffs, the huge influx of gold & silver from Mexico & Peru was essentially money printing. and in fact there was a concomittant misallocation of capital, investing in govt. debt, etc. etc.
I know most of the reasons why congress or the O-bumer man does NOT want the bernak to stop. That is not my question. I am asking if there any EXISTING legal mechanisms to stop the bernank.
In a moment of weakness, I dared to ask a serious question. I don't know what came over me. Please forgive me.
SWA
Whether there is or is not existing law does not matter. In times like these the will of the people is always done. That 'will' says: screw the savers, get this debt monkey off our backs.
And so it will be. Debts will be forgiven (somehow....they always are, at least when it gets as bad as it is now.)
We really need a better system that this recurrent running up of debts that other people use for savings, only to be screwed in their dotage.
I wonder if we collectively can't come up with something better.
@SWA
I am asking if there any EXISTING legal mechanisms to stop the bernank.
the coinage act of 1792 http://www.constitution.org/uslaw/coinage1792.txt see section 19 on debasing of coinage.............
You could write Eric Holder and request that but I'm afraid you wouldn't accomplish a thing and you would end up on a list you don't want to be on. The FBI and IRS will have great interest in your future :-)
Yes. Next question.
Revoking of the Federal Reserve act would be the only way to pull back their over reach. Which involves getting every Congress person and Senate person to stand behind that, along with the President, and somehow also block the lobbyists from swaying their votes to remove it, plus somehow figure out a way for the banks to continually keep A** Raping the American Society, stop the military industrial complex, foriegn aid, stand up to the IMF........Sorry I'm ramling.
Pretty much no there is no way to stop them.
They don't want him to stop.
Printing stopped = interest rates > 30% and stocks down 80%
...and 90% of Congressional turnover
Ding Ding Ding Ding Ding Ding Ding!!!!!!!!!!!!!!!!!!
The power to print is the power to is th epower to steal unlimited wealth. Who the hell is going to give that up?
The Bernank is unstoppable.
VXX is capitulating to economic reality - that there is no economic reality.
Da' BONDS. hhttp://hedge.ly/YZ8u8c
Gross sent this tweet from his yoga studio in Newport beach this morning while upside down in a downward dog position, whilst his 4 Mexican gardners fan his ball sack!
Hedge Fund Algos: "Damn the torpedoes"
Then buy stocks mr gross
Bondz r for lozerz
"They" will manufacture a panic to redirect flow to your poor performing bonds, do not worry, Bill.
Take down the Central Banks. Put the gangsters in prison. Arrest them.
buy the S+P now if you've been on the sidelines? LOL
stand by
At this point, Bank of America could go bankrupt and it would be interpreted as bullish.
For once, it surely would be. BTFTBTF !!!
I believe you mean reveal.They have been bankrupt since 2008 and will need
several more years of RMBS buying by the FedRes before they are remotely solvent.
The revelation would indeed be bullish.Shit WWIII would be bullish right now.
Was joking last night that govt fraud in most counties amounts to the cops charging "fees" at the curb. In the US the govt--in an effort to disguise its malignancy--just extracts its "fees" from our grandkids by borrowing and/on relying on the bernank to print. We are just a well-disguised banana republic.
I don't think this is about money for Bill Gross. I think he has made more money than he could ever spend in a 100 lifetimes. I think he's legitimately worried this nation is about to experience a reckoning the likes of which we've never seen.
Maybe there's one honest whore in the whorehouse.
+1
That may be the case, and better late than never, but he's been front running the government and actively contributing to the disaster all the way along. Put your money where your mouth his FFS!
Right, and there is only ever just one cockroach. History is not on your side.
color me skeptical....................
What exactly was Ben trying to talk down with his sock puppet Hilsenrath anyway? Stocks straight up since then. I guess he got commodities down further, looks like banker nirvana, but the behavior and foundations behind all this are so unstable ... there's no way Ben can push this all the way to his personal exit, the pressure valves are popping everywhere!
The battle of France is over, the battle of britain is about to begin?
If I may continue Mr. Gross' school of thought and paraphrase one of Churchill's most famous speeches:
(To a roomful of central bankers)
"Never give in--never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of Keynesianism and poor sense. Never yield to the force of the markets; never yield to the apparently overwhelming might of economic law."
End the Fed! End fractional reserve banking! End Usury!
US Treasury should/can do better putting currency into circulation interest free to State chartered public community banks.
yes, yes, see my comment below.
He'd be too obvious if he said buy war bonds
Fear not Bill...
You can always count on Americans to do the right thing...after they've tried everything else. Winston Churchill
What does "American" even mean anymore. Anyone in the world can (and probably soon will) hold a US passport.
They don't want a passport. They're doing just fine living in the US illegally :-)
Hell .... i am strongly considering going south of the tall fence, then pay to be smuggled back, get a new ID, and the shit-pot-full benefits to go with it. There are more benefits to be had as an "undocumented" than as a working stiff Gringo.
You know something is up when sooooo many filthy rich Americans are bailing on America. People who are so well set that for the next several lifetimes they would not have to raise a finger to be served anything they want.
Never being American had so much of a negative connotation and negative implications. The bastards destroyed the best nation.
Fuck off Bill, I'll buy the dip in treasuries directly. I might not have access to inside information or the reserves of the "middle-man" PDs, but I sure as hell can front-run the idiocracy on my own. The dream of every student of finance now --> Become a PD with a trading arm, get "free money (ZIRP), and front-run yourself.
The markets may be drunk, Miss, but some morning they will be sober, and you will still be ugly.
We are hyperinflating. What you want to do is change horses into gold where the fundamentals support an easier move up. You can stay in stocks, but the risk is higher and needless. It is better to just make it a currency trade.
"war bonds" coming...
Gross just talking his Fed. front running book. He just wants to buy moar bonds at a better discount.
and he will get it. 1.95% on the ten-year and climbing. Good thing that debt ceiling is "so far off".
“The bottom line is that as a saver, just like you I have no choice, I either take risks in dividend paying stocks and the UK housing market or all of my hard earned wealth will be stolen by the government and the banks. Of course one of the main objectives of ZIRP is to force everyone to spend their savings, then we will all be in the same boat, become reliant on state benefits because the government's stealth tax - inflation will have eroded the purchasing power of our earnings away.” – Nadeem Walayat (UK)
UK Savings Catastrophe - Best Cash ISA? There Isn't One! | Market Oracle |
May 14, 2013 - by: Nadeem Walayat (excerpt)
The consequences of Quantum of Quantitative Easing (QQE) is one of systematic theft of wealth from savers / bank depositors by the government and banking sector, unfortunately this trend is intensifying and unlikely to change for at least another year as illustrated by announcements every other month such as the extension of the funding for lending fraud, that looks set to continue to bleed depositors dry in the run up to the May 2015 general election as an desperate, fractious Coalition government will first attempt to bribe the electorate by spending money the country does not have or in the final analysis given a poor standing in the opinion polls decide to follow Labours example of 2009 (Labour Governments Bankrupt Scorched Earth UK Economy for the Conservative Government ) by handing the next Labour-geddon government an even more scorched earth bankrupt economy.
The banking crime syndicate has been busy these past few weeks by just about having pulled virtually any of the deals that would have beaten even the highly suspect official rate of inflation which is jokingly being reported by the ONS as being at 2.8%, when every household knows through experience that it is actually north of 4%!
Cash ISA Interest Rates Crash
The new tax year gave a small window of opportunity to lock in rates that just barely beat inflation after interest rate crash of 2012-2013 as a year earlier, Cash ISA savers could have fixed at as high as 4.5% for 5 years, but as the below table shows of the rates offered by the Halifax that the savings rates have crashed directly in response to the Bank of England's Funding for Lending Scheme that was announced in July 2012 which sought to provide the Banks with cheap money to entice lending to the general public that originally would total an estimated £80 billion over 18 months which has now been indefinitely extended. The effect of which is that the Banks are able to rely on Bank of England / UK Treasury for funding for loans instead of savings and thus savings interest rates continue to crash.
In my last article on Cash ISA's at the start of this tax year I warned that savers only had a short window of opportunity to lock in rates before they once more resumed their crash - 06 Apr 2013 - Best Cash ISA Savings Account for New Tax Year 2013-14:
And right an cue the Banks have followed through by taking a meat clever to savings interest rates by slicing over 25% off the rates available barely a few weeks ago as illustrated by the updated table for the Halifax Cash ISA rates –
So whilst the mainstream press blindly continues to pander to its banking advertisers by promoting 'Best' saving accounts, the reality is that there aren't any best rates out there, and nor have been for many years, in fact the last best rates were way back in October 2008, which at the time I warned to lock into for several years before they disappeared – …
http://www.marketoracle.co.uk/Article40436.html
The scared Japanese money stampeding out of Tokyo will trample a lot bears.... These are the same people that bought the 30yr bonds to the highs in '86, US Stocks in '87, Nikkei in '89, JGBs until recently, and now herded back to Dollar denominated assets by His Holiness Shinzo Abe II and Shogun Kuroda-san the Great. When the yen and JGB's decline turn into a panick it could be the 30yr bonds that gets the bid. If I recall correctly PIMCO just reallocated back into the US treasuries recently.
Today's market action is not on your side the ten-year yield is at 1.95% and climbing.
It is a cerebral exercise to try to figure out where this herd will stampede at any given moment. When things are benigh I suspect US equities will be bid, and if shit gets real the 10 and 30 yr will probably take over. Either way its time to get the hell out of yen assets.
By "herd" I presume you mean Fed and PD lackeys or HFT bots... 52% of the population does not own a single paper "investment".
You forgot to mention Pebble Beach, Rockefeller Center, Columbia Pictures and quite a few other doozies...
There was a saying back in the late 80's that "If the Japanese are buying, you know it's the top".
don't forget Ferraris and art
I concurr. Never had there been so many smart people gotten so few things right. The Japanese never miss an opportunity to miss an opportunity, and their attendance records at these bubble tops are perfect. Authority not questioned is authority abused, and in Japan it is not a cultural norm to question authority.
So regarding all of this Makavelian MumboJumbo that has been happening since 2007/2008, what could possibly be the desired end point? (Please note I am asking a logical question not about the NWO or whatever else) So if I am understanding correctly game, set, and match has happened for compelete monetary controls through taxation, bank limitiations, and the like; then we have all these new tax codes coming to past in 2013/2014 which would raise taxes some 5% or more depending; 5 years of QE in numerous forms has done nothing for the economy and made sure only billionaires made billions; We are at more war than we were 5 years ago spending ridiculous amounts of money......
Basically we could all go on, but really what is the point of all this? Some say control but if everything is taken what is left to control...the other rich people who have more than you do or the weak and poor? Say the system crashes does our society crumble or do we just go on our normal ways and figure things out on our own? I don't know sometimes reading all this stuff makes me wonder when we allowed all these idiots to rule the branchs of government.
the same desired end game it always was...
expand then contract money supply.. and buy it all up, rinse , repeat
Monopolization is the end game
everything. monopolized.period. think W Va Coal mines.. early 20's. Work int he co m ine, live in co housing, shop in co shops. end to end, cradle to grave, monoplization.
Saint Peter don't ya call me cause I can't go,
I owe my soul to the company store.
Bullshit Bill.
Never have billionaires stoop so low to be such a pathetic contrarian indicator as Bill Gross.
Bill has a classic case of S&P-envy.
I'm waiting for Rwanda's sovereign debt yield to drift down to 2% from the scandalously high 7% it is now!
Forward muppets!
Hehehe, it's a reliable country!
The afternoon upward step functioning has started forming....the algos (and Tepper) love this market with the Bernanke PUT!
Never have users of other people’s money reached so high in price for so low a return. Never have users of other people’s money stooped so low for so much risk. [win win, eh?]
Never have income from fees been higher.
Since the Fed wants to be transparent with its objectives, they should state: The S&P 500 will rise 1% a day until it reaches 2250. I wonder if they could fight the market to maintain the 1% a day goal. Actually, I think the Fed would have the same success managing 1% a day as they will maintaining inflation at 2% once inflation starts!
And I just call it a BUBBLE!
Bubbles Bernanke!
Bill, just lever up that 1.0% yield 60-to-1, and, voila, 60% yield.
Forward muppets!
Nunca...Never has so many a zh'r lost their fiat souls for a few ounces of gold.
Never has so many supported usury for so long and then complained when they had their 'proceeds' 'stolen'.
Aye aye aye!
Viva El Luchador!
Look in the mirror again, Mr Gross. You are either the biggest muppet of them all or a cunning reverse, reverse, reverse bluffing card shark. Which one is it?