Gross: "No More QEs? No More Bull Markets"

Remember these two charts (from here and here) lamenting the death of marginal utility of debt on the economy?

It seems Bill Gross is well-aware of them, as well as the tapering impact of credit growth on asset prices. His conclusion:

Gross: 3 to 4 percent credit growth can’t produce much more than 3-4 percent increases in asset prices. No more QE's? No more bull markets.

— PIMCO (@PIMCO) August 21, 2013