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PIMCO's Bill Gross: "The U.S. National Debt Is $100 Trillion, We Are In Worse Financial Shape Than Greece" (Video)

CNBC Video - Bill Gross on the U.S. Fiscal Nightmare - June 13, 2011

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight.

  • "We've always wondered who will buy Treasurys" after the Federal Reserve purchases the last of its $600 billion to end the second leg of its quantitative easing program later this month, Gross said. "It's certainly not Pimco and it's probably not the bond funds of the world."
  • "To think that we can reduce that within the space of a year or two is not a realistic assumption.  That's much more than Greece, that's much more than almost any other developed country.  We've got a problem and we have to get after it quickly."

Read more at CNBC...




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Reader Comments (12)

The American Revolution Begins With The Kick Off Of Operation Empire State Rebellion – Activists Take Over Liberty Park

Jun 14, 2011 at 1:12 PM | Registered CommenterDailyBail
Why wind farms will have to shut down for 38 days per year ... when it gets too windy

Jun 14, 2011 at 1:13 PM | Registered CommenterDailyBail
Which GOP candidate are you leaning towards voting for right now?


POLL - Still Open

Ron Paul leads by a longshot...
Jun 14, 2011 at 1:14 PM | Registered CommenterDailyBail
WOW! he is ahead 4.5 times the entire field COMBINED.......
Jun 14, 2011 at 1:28 PM | Unregistered Commenterjohn
yes...but in fairness, ron paul websites are linking to the poll...so the data is skewed...but i still like seeing it...
Jun 14, 2011 at 1:45 PM | Registered CommenterDailyBail
Funny how we can always find money for wars and Israel. I repeat myself
Jun 14, 2011 at 5:08 PM | Unregistered Commenterrobertsgt40
we find money for everything...wars, israel, corporations, egypt, africa, latin america...so far nothing is facing cuts...it's nothing but a giant game of talking about cuts in dc...
Jun 14, 2011 at 7:44 PM | Registered CommenterDailyBail
Humpty Dumpty is about to take his fall...
...and all the kings men couldnt put Humpty Dumpty back together, again.
Jun 14, 2011 at 10:01 PM | Unregistered Commenterdippitydoodah
beware,any fool who lumps in social security as government debt/giveaway is a lying bum and one to mock&discard!!!yes the american economy is in shambles,but not because of "entitlements" like the fully funded by workers like you&me social security!!!!!!!
Jun 15, 2011 at 9:46 AM | Unregistered Commenterkeeperofthefire
Just got hired!! Timmy & Benny said my first job is to start printing $ 100 TRILLION & it's OK keep as much as I can carry in my pockets.
Jul 3, 2011 at 6:03 PM | Unregistered CommenterTR
The U.S. national debt is ZERO dollars, because it is owed in dollars. Idiots.

It's like saying the bowling alley owes you a trillion points. They can give you a zillion points if they want, there's no limit, really.
Jul 4, 2011 at 5:35 AM | Unregistered CommenterBenjamin
Bill Gross sues Pimco for $200 million over forced ouster


Billionaire bond investor Bill Gross sued his former employer Pacific Investment Management Co and its parent Allianz SE (ALVG.DE) for $200 million, saying a greedy "cabal" of executives drove him out of the bond fund giant he helped found because they wanted his huge bonus for themselves.

The lawsuit ratchets up the vitriol between Gross, 71, who now works at Janus Capital Group Inc (JNS.N), and Pimco, which he built over four decades into a $2 trillion bond fund company. His ouster was announced on Sept. 26, 2014.

In plotting to get rid of him, Pimco managing directors were "driven by a lust for power, greed, and a desire to improve their own financial position and reputation," Gross said in a complaint filed on Thursday in the California Superior Court in Orange County.

Gross had been "on track" to receive a bonus topping $250 million in 2014, with most paid late in the year, according to the complaint. He accused Pimco of constructive termination, breach of contract, and bad faith.

"This lawsuit has no merit and our legal team will be responding in court in due course," Pimco spokesman Michael Reid said. Allianz also said the lawsuit has no merit.

A Janus spokeswoman called the lawsuit "a personal matter related to Bill."

Gross, through a spokesman, declined to comment. His lead lawyer Patricia Glaser said in a statement any recoveries will go to charity, including the Pimco Foundation.

"I was saddened to hear Bill felt it necessary to revisit this already well-aired dirty laundry," said John Brynjolfsson, a former Pimco managing director and colleague of Gross. "I suspect all his confidants told him to move on."
Oct 8, 2015 at 6:08 PM | Unregistered Commenterjohn

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