Bill Gross and America’s ‘New Normal’
Pimco’s Bill Gross paints a dreary future is his monthly letter:
We are heading into what we call the New Normal, which is a period of time in which economies grow very slowly as opposed to growing like weeds, the way children do; in which profits are relatively static; in which the government plays a significant role in terms of deficits and reregulation and control of the economy; in which the consumer stops shopping until he drops and begins, as they do in Japan (to be a little ghoulish), starts saving to the grave.
Me: The Counter-Reformation is hand. This is probably the economic consensus, especially if you toss in the probability of higher taxes.