Accountants, machinists, medical technicians, even software writers that write the software for "machines" are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.
Bill GrossBond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.
Bill GrossHuman nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.
Bill GrossWe are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.
Bill Gross