Gross: Wimpy burgers, debt and higher inflation to come

PIMCO's Bill Gross has warned the move to instigate quantitative easing is becoming increasingly destructive, as investors become ever more reliant on credit.

In his latest monthly commentary, Gross, who manages the $250bn PIMCO Total Return fund, argued the excess amount of liquidity flooding economies, coupled with stubbornly low interest rates, will have a dire long-term impact on growth. Gross (pictured) said the glut of credit now in circulation - estimated at around $200trn, well in excess of the $15trn held in reserve by central banks around the globe - has gone well beyond its original purpose in the 1900's. While back then, as made famous by the Wimpy cartoon of a man promising to pay for his burger next Tuesday, credit helped fuel...