Bill Gross: It’s The Zero Bound Yield Curve, Stupid!

It’s The Zero Bound Yield Curve, Stupid! by Bill Gross, Janus Capital Group

I have been increasingly suspicious since late 2011 that Sir Thomas Gresham (1519-1579) may be the modern John Maynard Keynes. I said as much in a Financial Times op-ed when I wrote in December of that year, that the famous “Gresham’s Law” needs a corollary. Not only does “bad money drive out good money” but “cheap money” may do harm as well. Just as Newtonian physics breaks down, and Einsteinian...

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