Central banks betrayed by 'false idols', says Bill Gross

Billionaire bond investor Bill Gross has a message for Janet Yellen: take a lesson from Monopoly.

Central banks betrayed by 'false idols', says Bill Gross 1467844781701

Central banks betrayed by 'false idols', says Bill Gross 1467844781701

Gross, in his latest outlook for Janus Capital Group, likened the economy to the board game where players collect $200 every time they pass the "Go" square. That payment - the game's version of credit creation - ensures expansion at the start, but it also dooms players because the amount is fixed and doesn't grow, eventually leading to stagnation and bankruptcies.

"If only Fed Governors and Presidents understood a little bit more about Monopoly, and a tad less about outdated historical models such as the Taylor Rule and the Phillips Curve, then our economy and its future prospects might be a little better off," Gross wrote in the outlook, published on Janus's website.

http://www.smh.com.au/business/markets/central-banks-betrayed-by-false-idols-says-bill-gross-20160706-gq082r.html

Central banks betrayed by 'false idols', says Bill Gross

Central banks betrayed by 'false idols', says Bill Gross

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