Bond 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.

Imperceptibly, the developed world's manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.

Bond 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.

If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.

When the tide goes out, you get to see who's swimming naked. PIMCO has had its bathing suit on for a long time

You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.

If companies don't know that they can run out of money, they won't be thinking of ways not to run out of money.