> [Bill Gross is the world's biggest bondholder. He's not a standard-
> issue Wall Street hack, but he's far from an oddball...]
>
> <http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2010/Let’s+Ge
> t+Fisical+January+2010.htm
PIMCO, as a major bondholder, is in the same position as the BRIC sovereign wealth funds: the US government owes them lots of money, and will owe them even more money in the future, thanks to record-busting T-bill sales. But Gross raises a good question: why should anyone continue to invest in a dying Empire which insists on spending trillions of borrowed funds on lost colonial wars and bonuses for Government Sachs?
For now, there aren't too many alternative places to invest. But once the BRIC boom really gets rolling later this year, the alternative will exist. And then things will get interesting.
-- DRR