Once again billionaire money manager Bill Gross is speaking out against the Federal Reserve's methods, saying rock-bottom interest rates and a heavy hand on the money printer have manipulated financial markets and crushed capitalism.

Speaking directly of Janet Yellen, Gross says her policies have “deferred long-term pain for the benefit of short-term gain,” CNBC reports. His criticisms come as the Fed considers whether to raise interest rates to stimulate the economy and push up inflation.

In an eerily doomsday-like letter, Gross writes that the Fed has merely inflated asset prices. “Investors should know that they are treading on thin ice. This watch is ticking because of high global debt and out-of-date monetary/fiscal policies that hurt rather than heal real economies. Sooner rather than later, Yellen's smooth shot from the fairway will find the deep rough." [CNBC]