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.

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

Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

People have different impressions of themselves, and where reality lies is somewhere in between.

Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.

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.