just for a second running by.
it's just very revealing and bright.
via ""
story short: Gross changed his mind on the need for budgetary savings in Britain, what's funny ftalphaville. in itself an act of change of mind – it's always ok. stand their ground despite the facts we know who. can, it is over, it would be a little more to explain why the gentleman was wrong and what made him change his mind. because I wonder what is in the head of such a person, но это не столько важно.
I'm interested in something else. not even & quot; I told you / warned" (although the thesis about the ineffectiveness of savings for me is second in emotional / intellectual importance after a bet against raw materials in 2008 year). question in Gross itself. I can not understand, as the author of the `` new normal '' idea, could have missed the situation with the pseudo-US debt crisis in 2011 and the broader macro-problem with budgetary savings.
in fact, "new normal" it is the same, as the 'balance sheet recession" (without going to extremes) – the same deleveraging, slower pace of recovery, changing liquidity preferences and 'unexpected" debt market behavior, no inflation despite printing money" etc. Again, как можно, knowing that an inverted stool – this is not a deer, it's all the same seriously to go hunting? :).
and there are two options: хороший и плохой. good in that, that experience and criticism of their own ideas at some point made a person more conservative, than his own ideas suggested. it's fair and ok, still manage the fund – this is not a blog in NYT to write. bad option – "new normal", like other PIMCO ideas – it's just marketing, not ideas as such. like many, Alas.
as a lesson, all that comes to mind about this,
this is the dialogue of the Coen brothers from Burn After Reading:
