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| Bill Gross |
From PIMCO Investment Outlook - The global economy is suffering from a lack of aggregate demand. With insufficient demand, nations compete furiously for their share of the diminishing growth pie. In the U.S. and Euroland, many policies only temporarily bolster consumption while failing to address the fundamental problem of developed economies: Job growth is moving inexorably to developing economies because they are more competitive.
Unless developed economies learn to compete the old-fashioned way – by making more goods and making them better – the smart money will continue to move offshore to Asia, Brazil and their developing economy counterparts, both in asset and in currency space. Well we’re living here in Allentown - And they’re closing all the factories down - Out in Bethlehem they’re killing time - Filling out forms - Standing in line - And we’re living here in Allentown – Billy Joel, 1982 Read full commentary here:
Unless developed economies learn to compete the old-fashioned way – by making more goods and making them better – the smart money will continue to move offshore to Asia, Brazil and their developing economy counterparts, both in asset and in currency space. Well we’re living here in Allentown - And they’re closing all the factories down - Out in Bethlehem they’re killing time - Filling out forms - Standing in line - And we’re living here in Allentown – Billy Joel, 1982 Read full commentary here:
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