The promised link to the article by FT's Wolfgang Münchau:
http://www.ft.com/cms/s/0/50d659d2-c1f3-11dc-8fba-0000779fd2ac.html ================================= Very scary for sure, especially given Gross' authority.
The suggestion here, though, is that Gross' concern about the CDS market is exaggerated:
http://www.ft.com/cms/s/0/17dd693e-bfb6-11dc-8052-0000779fd2ac.html