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Bill Gross: "The Game As We All Have Known It Appears To Be Over"

Tyler Durden's picture




 

First it was Bob Janjuah throwing in the towel in the face of central planning, now we get the same sense from Bill Gross who in his latest letter once again laments the forced transfer of risk from the private to the public sector: "The game as we all have known it appears to be over... moving for the moment from private to public balance sheets, but even there facing investor and political limits. Actually global financial markets are only selectively delevering. What delevering there is, is most visible with household balance sheets in the U.S. and Euroland peripheral sovereigns like Greece." Gross' long-term view is well-known - inflation is coming: "The total amount of debt however is daunting and continued credit expansion will produce accelerating global inflation and slower growth in PIMCO’s most likely outcome." The primary reason for Pimco's pessimism, which is nothing new, is that in a world of deleveraging there will be no packets of leverage within the primary traditional source of cheap credit-money growth: financial firms. So what is a fund manager to do? Why find their own Steve McQueen'ian Great Escape from Financial Repression of course. " it is your duty to try to escape today’s repression. Your living conditions are OK for now – the food and in this case the returns are good – but they aren’t enough to get you what you need to cover liabilities. You need to think of an escape route that gets you back home yet at the same time doesn’t get you killed in the process. You need a Great Escape to deliver in this financial repressive world." In the meantime Gross advises readers to do just what we have been saying for years: buy commodities and real (non-dilutable) assets: "Commodities and real assets become ascendant, certainly in relative terms, as we by necessity delever or lever less." As for the endgame: "Is a systemic implosion still possible in 2012 as opposed to 2008? It is, but we will likely face much more monetary and credit inflation before the balloon pops. Until then, you should budget for “safe carry” to help pay your bills. The bunker portfolio lies further ahead."

From Bill Gross:

The Great Escape: Delivering in a Delevering World

  • When interest rates cannot be dramatically lowered further or risk spreads significantly compressed, the momentum begins to shift, not necessarily suddenly, but gradually – yields moving mildly higher and spreads stabilizing or moving slightly wider.
  • In such a mildly reflating world, unless you want to earn an inflation-adjusted return of minus 2%-3% as offered by Treasury bills, then you must take risk in some form.
  • We favor high quality, shorter duration and inflation-protected bonds; dividend paying stocks with a preference for developing over developed markets; and inflation-sensitive, supply-constrained commodity products.

About six months ago, I only half in jest told Mohamed that my tombstone would read, “Bill Gross, RIP, He didn’t own ‘Treasuries’.” Now, of course, the days are getting longer and as they say in golf, it is better to be above – as opposed to below – the grass. And it is better as well, to be delivering alpha as opposed to delevering in the bond market or global economy. The best way to visualize successful delivering is to recognize that investors are locked up in a financially repressive environment that reduces future returns for all financial assets. Breaking out of that “jail” is what I call the Great Escape, and what I hope to explain in the next few pages.

The term delevering implies a period of prior leverage, and leverage there has been. Whether you date it from the beginning of fractional reserve and central banking in the early 20th century, the debasement of gold in the 1930s, or the initiation of Bretton Woods and the coordinated dollar and gold standard that followed for nearly three decades after WWII, the trend towards financial leverage has been ever upward. The abandonment of gold and embracement of dollar based credit by Nixon in the early 1970s was certainly a leveraging landmark as was the deregulation of Glass-Steagall by a Democratic Clinton administration in the late 1990s, and elsewhere globally. And almost always, the private sector was more than willing to play the game, inventing new forms of credit, loosely known as derivatives, which avoided the concept of conservative reserve banking altogether. Although there were accidents along the way such as the S&L crisis, Continental Bank, LTCM, Mexico, Asia in the late 1990s, the Dot-coms, and ultimately global subprime ownership, financial institutions and market participants learned that policymakers would support the system, and most individual participants, by extending credit, lowering interest rates, expanding deficits, and deregulating in order to keep economies ticking. Importantly, this combined fiscal and monetary leverage produced outsized returns that exceeded the ability of real economies to create wealth. Stocks for the Long Run was the almost universally accepted mantra, but it was really a period – for most of the last half century – of “Financial Assets for the Long Run” – and your house was included by the way in that category of financial assets even though it was just a pile of sticks and stones. If it always went up in price and you could borrow against it, it was a financial asset. Securitization ruled supreme, if not subprime.

As nominal and real interest rates came down, down, down and credit spreads were compressed through policy support and securitization, then asset prices magically ascended. PE ratios rose, bond prices for 30-year Treasuries doubled, real estate thrived, and anything that could be levered did well because the global economy and its financial markets were being levered and levered consistently.

And then suddenly in 2008, it stopped and reversed. Leverage appeared to reach its limits with subprimes, and then with banks and investment banks, and then with countries themselves. The game as we all have known it appears to be over, or at least substantially changed – moving for the moment from private to public balance sheets, but even there facing investor and political limits. Actually global financial markets are only selectively delevering. What delevering there is, is most visible with household balance sheets in the U.S. and Euroland peripheral sovereigns like Greece. The delevering is also relatively hidden in the recapitalization of banks and their lookalikes. Increasing capital, in addition to haircutting and defaults are a form of deleveraging that is long term healthy, if short term growth restrictive. On the whole, however, because of massive QEs and LTROS in the trillions of dollars, our credit based, leverage dependent financial system is actually leverage expanding, although only mildly and systemically less threatening than before, at least from the standpoint of a growth rate. The total amount of debt however is daunting and continued credit expansion will produce accelerating global inflation and slower growth in PIMCO’s most likely outcome.

How do we deliver in this New Normal world that levers much more slowly in total, and can delever sharply in selective sectors and countries? Look at it this way rather simplistically. During the Great Leveraging of the past 30 years, it was financial assets with their expected future cash flows that did the best. The longer the stream of future cash flows and the riskier/more levered those flows, then the better they did. That is because, as I’ve just historically outlined, future cash flows are discounted by an interest rate and a risk spread, and as yields came down and spreads compressed, the greater return came from the longest and most levered assets. This was a world not of yield, but of total return, where price and yield formed the returns that exceeded the ability of global economies to consistently replicate them. Financial assets relative to real assets outperform in such a world as wealth is brought forward and stolen from future years if real growth cannot replicate historical total returns.

To put it even more simply, financial assets with long interest rate and spread durations were winners: long maturity bonds, stocks, real estate with rental streams and cap rates that could be compressed. Commodities were on the relative losing end although inflation took them up as well. That’s not to say that an oil company with reserves in the ground didn’t do well, but the oil for immediate delivery that couldn’t benefit from an expansion of P/Es and a compression of risk spreads – well, not so well. And so commodities lagged financial asset returns. Our numbers show 1, 5 and 20-year histories of financial assets outperforming commodities by 15% for the most recent 12 months and 2% annually for the past 20 years.

This outperformance by financial as opposed to real assets is a result of the long journey and ultimate destination of credit expansion that I’ve just outlined, resulting in negative real interest rates and narrow credit and equity risk premiums; a state of financial repression as it has come to be known, that promises to be with us for years to come. It reminds me of an old movie staring Steve McQueen called The Great Escape where American prisoners of war were confined to a POW camp inside Germany in 1943. The living conditions were OK, much like today’s financial markets, but certainly not what they were used to on the other side of the lines so to speak. Yet it was their duty as British and American officers to try to escape and get back to the old normal. They ingeniously dug escape tunnels and eventually escaped. It was a real life story in addition to its Hollywood flavor. Similarly though it is your duty to try to escape today’s repression. Your living conditions are OK for now – the food and in this case the returns are good – but they aren’t enough to get you what you need to cover liabilities. You need to think of an escape route that gets you back home yet at the same time doesn’t get you killed in the process. You need a Great Escape to deliver in this financial repressive world.

What happens when we flip the scenario or perhaps reach the point at which interest rates cannot be dramatically lowered further or risk spreads significantly compressed? The momentum we would suggest begins to shift: not necessarily suddenly or swiftly as fatter tail bimodal distributions might warn, but gradually – yields moving mildly higher, spreads stabilizing or moving slightly wider. In such a mildly reflating world where inflation itself remains above 2% and in most cases moves higher, delivering double-digit or even 7-8% total returns from bonds, stocks and real estate becomes problematic and certainly much more difficult. Real growth as opposed to financial wizardry becomes predominant, yet that growth is stressed by excessive fiscal deficits and high debt/GDP levels. Commodities and real assets become ascendant, certainly in relative terms, as we by necessity delever or lever less. As well, financial assets cannot be elevated by zero based interest rate or other tried but now tired policy maneuvers that bring future wealth forward. Current prices in other words have squeezed all of the risk and interest rate premiums from future cash flows, and now financial markets are left with real growth, which itself experiences a slower new normal because of less financial leverage.

That is not to say that inflation cannot continue to elevate financial assets which can adjust to inflation over time – stocks being the prime example. They can, and there will be relative winners in this context, but the ability of an investor to earn returns well in excess of inflation or well in excess of nominal GDP is limited. Total return as a supercharged bond strategy is fading. Stocks with a 6.6% real Jeremy Siegel constant are fading. Levered hedge strategies based on spread and yield compression are fading. As we delever, it will be hard to deliver what you have been used to.

Still there is a place for all standard asset classes even though betas will be lower. Should you desert bonds simply because they may return 4% as opposed to 10%? I hope not. PIMCO’s potential alpha generation and the stability of bonds remain critical components of an investment portfolio.

In summary, what has the potential to deliver the most return with the least amount of risk and highest information ratios? Logically, (1) Real as opposed to financial assets – commodities, land, buildings, machines, and knowledge inherent in an educated labor force. (2) Financial assets with shorter spread and interest rate durations because they are more defensive. (3) Financial assets for entities with relatively strong balance sheets that are exposed to higher real growth, for which developing vs. developed nations should dominate. (4) Financial or real assets that benefit from favorable policy thrusts from both monetary and fiscal authorities. (5) Financial or real assets which are not burdened by excessive debt and subject to future haircuts.

In plain speak –

For bond markets: favor higher quality, shorter duration and inflation protected assets.

For stocks: favor developing vs. developed. Favor shorter durations here too, which means consistent dividend paying as opposed to growth stocks.

For commodities: favor inflation sensitive, supply constrained products.

And for all asset categories, be wary of levered hedge strategies that promise double-digit returns that are difficult in a delevering world.

With regard to all of these broad asset categories, an investor in financial markets should not go too far on this defensive, as opposed to offensively oriented scenario. Unless you want to earn an inflation adjusted return of minus 2-3% as offered by Treasury bills, then you must take risk in some form. You must try to maximize risk adjusted carry – what we call “safe spread.”

“Safe carry” is an essential element of capitalism – that is investors earning something more than a Treasury bill. If and when we cannot, then the system implodes – especially one with excessive leverage. Paul Volcker successfully redirected the U.S. economy from 1979-1981 during which investors earned less return than a Treasury bill, but that could only go on for several years and occurred in a much less levered financial system. Volcker had it easier than Bernanke/King/Draghi have it today. Is a systemic implosion still possible in 2012 as opposed to 2008? It is, but we will likely face much more monetary and credit inflation before the balloon pops. Until then, you should budget for “safe carry” to help pay your bills. The bunker portfolio lies further ahead.

Two additional considerations. In a highly levered world, gradual reversals are not necessarily the high probable outcome that a normal bell-shaped curve would suggest. Policy mistakes – too much money creation, too much fiscal belt-tightening, geopolitical conflicts and war, geopolitical disagreements and disintegration of monetary and fiscal unions – all of these and more lead to potential bimodal distributions – fat left and right tail outcomes that can inflate or deflate asset markets and real economic growth. If you are a rational investor you should consider hedging our most probable inflationary/low growth outcome – what we call a “C-“ scenario – by buying hedges for fatter tailed possibilities. It will cost you something – and hedging in a low return world is harder to buy than when the cotton is high and the living is easy. But you should do it in amounts that hedge against principal downsides and allow for principal upsides in bimodal outcomes, the latter perhaps being epitomized by equity markets 10-15% returns in the first 80 days of 2012.

And secondly, be mindful of investment management expenses. Whoops, I’m not supposed to say that, but I will. Be sure you’re getting value for your expense dollars. We of course – perhaps like many other firms would say, “We’re Number One.” Not always, not for me in the summer of 2011, but over the past 1, 5, 10, 25 years? Yes, we are certainly a #1 seed – with aspirations as always to be your #1 Champion.

William H. Gross
Managing Director

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Tue, 03/27/2012 - 08:22 | 2293803 GeneMarchbanks
GeneMarchbanks's picture

Excellent.

Tue, 03/27/2012 - 08:25 | 2293804 Colombian Gringo
Colombian Gringo's picture

Gross is talking his book. Having said that, his suggestions as follows are worthy of consideration:

In summary, what has the potential to deliver the most return with the least amount of risk and highest information ratios? Logically, (1) Real as opposed to financial assets – commodities, land, buildings, machines, and knowledge inherent in an educated labor force. (2) Financial assets with shorter spread and interest rate durations because they are more defensive. (3) Financial assets for entities with relatively strong balance sheets that are exposed to higher real growth, for which developing vs. developed nations should dominate. (4) Financial or real assets that benefit from favorable policy thrusts from both monetary and fiscal authorities. (5) Financial or real assets which are not burdened by excessive debt and subject to future haircuts.

 

Tue, 03/27/2012 - 08:43 | 2293812 GetZeeGold
GetZeeGold's picture

 

 

Turns out his book may be right.

 

Soooo.....this is what the end looks like huh?

 

I was expecting.....I dunno.....more.

 

Tue, 03/27/2012 - 09:00 | 2293881 Comay Mierda
Comay Mierda's picture

he forgot to mention to buy AAPL

Tue, 03/27/2012 - 09:08 | 2293904 GetZeeGold
GetZeeGold's picture

 

 

I stand in the presence of brilliance.

 

Tue, 03/27/2012 - 10:24 | 2294146 Richard Chesler
Richard Chesler's picture

It's not over until the fat banker sings, in prison.

 

Tue, 03/27/2012 - 11:48 | 2294468 Esculent 69
Esculent 69's picture

It's not over until the fat banker screams in prison. 

There it's fixed, and your welcome

Wed, 03/28/2012 - 08:28 | 2296830 Muddy1
Muddy1's picture

Then I guess it won't ever be over because no bankers have gone to jail following the 2008 financial disaster.  They continue to earn big bonuses and enjoy a flush lifestyle at the expense of the US taxpayer.

Tue, 03/27/2012 - 09:10 | 2293906 jekyll island
jekyll island's picture

Gross says this as he positions himself to frontrun the fed buying back MBS.  Whole lotta nothing in this article. 

Tue, 03/27/2012 - 11:40 | 2294358 cranky-old-geezer
cranky-old-geezer's picture

 

 

Whole lotta nothing in this article.

Agree.

Makes me wonder if fund managers get paid by the word (of stupid nonsensical jibberish they write).

1) Fed has taken over markets for all practical purposes.

3) Bernanke believes stocks are the economy.  Nothing else matters.  Jobs don't matter.  Employment doesn't matter.  Productivity doesn't matter.   Exports don't matter. 

4) Bernanke believes people should just spend and spend to get the economy going again, but he never says where the money will come from to do all that spending.  He prints boatloads of money so the government can keep spending, but he's not giving any of it to consumers so they can keep spending.

5) Invest in whatever the Fed is investing in (pumping money into) ...like AAPL in particular and stocks in general.

6) Your gains will be good in nominal terms, you'll like the rising numbers, but you'll be disappointed when you discover you haven't gained any more real wealth due to the shrinking value of the dollar.   You just pay more taxes.

7) This policy of printing and pouring money into stocks (and government coffers) will continue for some time.  You can be confident stocks will keep rising (and government debt will keep rising). 

8) But the US dollar will keep losing value (from all the printing). 

9) One day the rest of the world will get tired of watching their US dollar reserves steadily lose value, they'll say "enough", and start dumping those reserves (like Treasuries).   That's when the US dollar will collapse, overnight, and all your stock gains will be worthless.

10) That's when hard assets like gold & silver will skyrocket in price.  But you won't be able find any to buy.  Nobody will want your worthless US dollars.

Tue, 03/27/2012 - 09:23 | 2293934 Zero Govt
Zero Govt's picture

Bill used the words "delever" and "deliver" so often i couldn't distinguish the two, my head now hurts and my mind is spinning

i'm going back guys to re-read a paragraph at a time, then take a break between each para...i'll post something in an hour or two (if i can communicate after the 2nd reading!!)

Tue, 03/27/2012 - 09:14 | 2293912 kito
kito's picture

Bill is GROSSly optimistic about the world.........

Tue, 03/27/2012 - 12:02 | 2294544 Jethro
Jethro's picture

It's looking more like it'll be a cross between "The Worst Hard Time", "1984", and "Atlas Shrugged" minus happy endings, with occasional pockets of "Lord of the Flies". 

Tue, 03/27/2012 - 11:35 | 2294371 Calmyourself
Calmyourself's picture

There is no more, their plan (TBTF) is to grind us down, no systemic failures, no bubble bursting, no reset.  The slow grind as your liabilities cannot be managed with your income no matter what risk you take and of course many will be sucked into mini-bubbles to be shorn at their leisure.    This is it the new normal, the press manages expectations, circuses to keep the anesthesia running and the divide and conquer strategies to tie the mess together.   Our form of Government and Capitalism was meant not for a stupid and amoral people and when it is applied to such a group the results are what you see.

Tue, 03/27/2012 - 12:37 | 2294705 KnightsofNee
KnightsofNee's picture

I couldn't have said it any better than that, therefore I am stealing it and using the above without credit to the author. Brilliant! I love ZH!

Tue, 03/27/2012 - 13:33 | 2294909 sgt_doom
sgt_doom's picture

".. the press manages expectations.."

Ya know, I was just explaining to my retarded neighbor this morning (not actually retarded, just your typical Ameritard) that the reason Neal Conan has a job for life with NPR*** is exactly the same reason he had lovely things to say about American jobs offshoring back in the 1980s, then again in the 1990s, then again in 2000 (after which nobody with a brain would have continued listening to his or any other NPR-Fox-CNN-ABC-CBS-PBS show, etc.).

Some neocon swine from Canada, named Jonathan Kay, who wrote a pile of drivel called "Among the Truthers" appeared on no less than 17 NPR, PRI, APM, and CBC shows where he simply made ad hominem attacks agains those question the official 9/11 conspiracy theory of Cheney-Rumsfeld-Bush, and offered nothing factual --- while Jesse Ventura was invited to post at ultra-rightwinger Ariana Huffington's online rag, wereupon Gov. Ventura just mentioned that questions should be raised about the 9/11 investigation and his piece was immediately pulled and he was banned from that online rag!

What media?  What economy?  They have long ceased to exist in Amerika!

***Please don't respond about any artificial differences between NPR and PRI and APM and CBC and BBC, they are all intricately interlocked between each other and those foundations that support them and redirect their propaganda.

Tue, 03/27/2012 - 15:00 | 2295140 Calmyourself
Calmyourself's picture

Glad you like it, the more I look at it the more I want to edit it..  Ask yourself when the next crash caller types up his rant whom would that crash serve?  If you cannot put together a power bloc in receipt of vast benefits from that particular ocurrence it will not happen.  We have crossed the rubicon, polling shows our masters that we are too stupid as a people to resist in an intelligent manner.  We have cast the die, the TBTF's will manage us from here out and there is very little we can do about it.  Hunger, belly gnawing hunger is the only motivator sufficient to force the people into action strong enough to compel real change. 

Good luck to all of you Winstons', may your chocolate ration always increase..

Tue, 03/27/2012 - 08:31 | 2293818 Oh regional Indian
Oh regional Indian's picture

if anyone needs a lackey like Gross to tell them where they are at, then they are already in deep trouble. All of Gross's "Laments" are scripted.

The entire "Public Discourse" is scripted. This insider's insider has the woe-is-you role. 

Just look around, it's a tell. What a boring, meaningless, repetitious note. 

When Bill Gross gives away a 100 million dollars to help the Poor speeple he spent decades fleecing, I'll take him seriously.

ori

/social-networking-and-the-quantification-of-emotions/

Tue, 03/27/2012 - 08:37 | 2293839 GetZeeGold
GetZeeGold's picture

 

 

I think we can all agree that Bill is indeed a lackey.....is everybody good with that?

 

Tue, 03/27/2012 - 08:47 | 2293853 GeneMarchbanks
GeneMarchbanks's picture

Of course but the infighting amongst them is new. As the crumbling 'norm' gives way to chance and real potential for freeing from the Oligarch clutches, the aware ones are getting to think outside this framework. The machine age coming to end.

Tue, 03/27/2012 - 08:51 | 2293859 GetZeeGold
GetZeeGold's picture

 

 

Skynet will not be pleased to hear that.

 

Tue, 03/27/2012 - 09:23 | 2293938 CPL
CPL's picture

<high five>

 

Bill Gross can, does and will eat a bag of dicks on command by his betters.

Tue, 03/27/2012 - 09:28 | 2293953 GeneMarchbanks
GeneMarchbanks's picture

Ok, now this 'bag'... does he suck on the bag or the dicks in it? Please explain further.

Tue, 03/27/2012 - 11:01 | 2294274 CPL
CPL's picture

Either way we could sell tickets to the showcase.

Tue, 03/27/2012 - 08:34 | 2293832 francis_sawyer
francis_sawyer's picture

<==== A guy managing a trillion dollars "talking his book"

<=== Some bald headed ivory tower dude operating a science experiment with a "Ctrl+P" button

~~~

Vote: regarding the statement..."Gross is talking his book"

Tue, 03/27/2012 - 10:19 | 2294123 topshelfstuff
topshelfstuff's picture

Just want to add that I see PIMCO as the company given the most TV air-time [ Talking their Book ]. I don't think a day goes by w/o seeing, aside from Bill Gross, others from PIMCO, often on both Bloomberg and CNBC. The below three the most well known, and I think could be included in the PIMCO/TalkingBook/Touts category

Mohamed A. El-Erian
Tony Crescenzi
Neel T. Kashkari

Tue, 03/27/2012 - 11:43 | 2294442 Bob Sacamano
Bob Sacamano's picture

Yes he talks his book.  But so does everyone else.  Even those on this site (e.g., those who see gold and silver as the answer likely own gold and silver). Not exactly shocking nor irrational.  Is it reasonable to expect Gross to talk opposite his book? 

Tue, 03/27/2012 - 08:35 | 2293833 I think I need ...
I think I need to buy a gun's picture

quite honestly he can go fuck himself to with El Errian talking that repression shit,,,,,whats his escape plan Costa Rico?

Tue, 03/27/2012 - 08:39 | 2293841 GetZeeGold
GetZeeGold's picture

 

 

For all we know he was planning to exactly that.

 

Tue, 03/27/2012 - 08:42 | 2293846 knukles
knukles's picture

Bill Gross... Financial Prepper

Timely leadership... when do they start feasting upon themselves?

Tue, 03/27/2012 - 09:04 | 2293891 Rahm
Rahm's picture

Gross a terrorist?  Who'd a thunk it!

Tue, 03/27/2012 - 09:12 | 2293908 jekyll island
jekyll island's picture

That is actually a good idea.  Being able to diversify geopolitically is something only a few will be able to do.  I would favor Belize myself. 

Tue, 03/27/2012 - 15:01 | 2295152 icanhasbailout
icanhasbailout's picture

Talking his book? Maybe. But that's just another way of saying "putting his money where his mouth is", like Ron Paul being invested in gold and gold mining stocks. Isn't it more credible rather than less, if his position reflects his public statements?

Tue, 03/27/2012 - 16:43 | 2295572 MiddletonRobert3
MiddletonRobert3's picture

my roomate's sister makes $85 hourly on the computer. She has been fired from work for 6 months but last month her paycheck was $16158 just working on the computer for a few hours. Read more here .....  http://lazyCash9.com

Tue, 03/27/2012 - 08:31 | 2293824 HedgeAccordingly
HedgeAccordingly's picture

futures faded pretty hard this AM -http://hedge.ly/GTT9LX

Tue, 03/27/2012 - 09:22 | 2293931 ReactionToClose...
ReactionToClosedMinds's picture

this is one sporadic ZH reader who concurs.

Also, Bob Doll of Blackrock, the consummate Team 44 fixed income advisor ('insider') stated yesterday to overweight equites versus Treasuries in this present environment.

The 'ramp' is on .....

.... oh what webs we weave when we practice to decieve ....

.... no man is an island ..... so do not ask for whom the bell tolls ... it tolls for thee ....

 

Tue, 03/27/2012 - 08:25 | 2293807 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

The writing's been on the wall. We have to see how this monstrosity metastasises.

Tue, 03/27/2012 - 08:31 | 2293823 bigdumbnugly
bigdumbnugly's picture

how it what?

Tue, 03/27/2012 - 09:14 | 2293913 jekyll island
jekyll island's picture

Metastasis, or metastatic disease (sometimes abbreviated mets), is the spread of a disease from one organ or part to another non-adjacent organ or part.[1][2] It was previously thought that only malignant tumor cells and infections have the capacity to metastasize; however, this is being reconsidered due to new research.[3] The word metastasis means "displacement" in Greek, from ????, meta, "next", and ??????, stasis, "placement". The plural is metastases.

Tue, 03/27/2012 - 08:41 | 2293843 francis_sawyer
francis_sawyer's picture

You know it's gone full retard when the $$ you stuffed under your mattress isn't safe anymore... I'll know ARMAGEDDON has finally arrived when the strippers won't walk over my way to retrieve bills of any demonination...

Tue, 03/27/2012 - 08:48 | 2293856 Taterboy
Taterboy's picture

I put pre 1965 silver coins in the strippers' G-strings but they keep falling on the floor.

Tue, 03/27/2012 - 09:00 | 2293883 cossack55
cossack55's picture

Use $2 Silver Certificates or $2 United States Notes. 

Tue, 03/27/2012 - 12:21 | 2294624 FEDbuster
FEDbuster's picture

Soon strips of beef jerkey will be more welcome in g-strings than FRNs.

Tue, 03/27/2012 - 13:10 | 2294826 knukles
knukles's picture

That's just wrong.

Tue, 03/27/2012 - 09:28 | 2293954 bigdumbnugly
bigdumbnugly's picture

u gotta tuck em in tater  :)

Tue, 03/27/2012 - 10:20 | 2294124 Grinder74
Grinder74's picture

The coins or the G-strings?

Tue, 03/27/2012 - 09:05 | 2293895 blindfaith
blindfaith's picture

 

 

what a great wway to put it...funny.

There is a new song out on progressive radio. "You already know... the end".  Boy it made me near cry to hear it...the American dream is dead.

Tue, 03/27/2012 - 09:08 | 2293903 cossack55
cossack55's picture

Is it not funny how many dreams morph into nightmares.

Tue, 03/27/2012 - 08:27 | 2293811 Its_the_economy...
Its_the_economy_stupid's picture

As predictedhere on 0hedge....the busted state and federal pension systems are making a grab for private 401K's.

Now I know the end is near.

http://www.nytimes.com/2012/03/27/business/ideas-on-company-pensions-include-turning-to-states.html?_r=1&ref=business

Tue, 03/27/2012 - 08:36 | 2293835 Global Hunter
Global Hunter's picture

are the sheep getting leary yet i wonder...

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