Bill Gross Of PIMCO: U.S. Policy Prompts Dollar Questions

Posted By on June 8, 2011

Bill Gross has been on a roll talking about this……….Governments such as the U.S. are intentionally keeping interest rates artificially low to help reduce record debt levels, setting up investors up for a “pocket picking.” The U.S. has done little to reduce the size of the excess liabilities accumulated, Pimco wrote in what it called a secular outlook saying the amount of marketable debt outstanding has more than doubled to $97 trillion since the start of the financial crisis.

Pacific Investment Management Co.’s Bill Gross said foreigners are questioning the dollar’s role as the world’s reserve currency because of U.S. policies that keep borrowing rates low to reduce the nation’s debt burden.

Gross, manager of world’s biggest mutual fund, reiterated that investors should avoid U.S. Treasuries because they’re not being compensated for the risk of inflation. Investors should buy debt of nations that maintain better fiscal and monetary policies such as Canada, Germany and Mexico, he said.

“If you’re a foreign holder of dollars,” you should be concerned, Gross said, speaking today in Chicago at the 2011 Morningstar Investment Conference. “Ultimately, they too begin to question, and are already starting to, the soundness of a Treasury bill, bond or note.”

Under a strategy that economist Carmen Reinhart has described as “financial repression,” governments require banks, pension funds and other financial institutions to hold government debt, ostensibly for reasons related to the safety and soundness of the organizations, Gross said.

Such a situation is occurring now and is intolerable because almost four years since the start of the financial crisis, the U.S. has done little to reduce the size of the excess liabilities accumulated, Pimco wrote in what it called a secular outlook last month. The amount of marketable debt outstanding has more than doubled to $97 trillion since the start of the financial crisis.

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