Commentary on Political Economy

Tuesday 27 September 2011

Second Addendum

Friends will recall that I complimented Bill Gross of PIMCO on a much more sensible newsletter this month in which he approached the realities of global capitalist finance more credibly. Quite unbelievably, however, he ended the newsletter by recommending to his readers that "they diversify away from the greenback toward emerging-market currencied". Friends will recall also that for this indiscretion alone I again labelled Gross "a patented moron and misleading imbecile"! Of course, I knew all too well that the dollar would surge as the European elites unravelled in senseless squabbles rather than grab the bull by the horns.

So here is the FT with the chronicle of how this unfolded:

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