BILL GROSS: Investment Banks Have Morphed Markets With 'Ponzi Finance' — And Time Is Almost Up.
January 31, 2013 - 3:34pm
By BusinessInsiderBill Gross, the PIMCO fund manager known as the "Bond King," is out with his February investment letter, titled "Credit Supernova!"This month, Gross tackles the relationship between credit expansion and real growth. He channels the late economist Hyman Minsky, saying the economy is now in Minsky's "Ponzi finance" phase, "when additional credit would be required just to cover increasingly burdensome interest pContinue reading this article »