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Unprecedented monetary policies have morphed global financial markets into a casino, according to Janus Capital Group bond investor Bill Gross.
In his most recent Investment Outlook report titled "Doubling Down," Gross says financial markets are taking big risks, wagering that an "unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Reuters reports.
In particular, Gross is pointing to loose central bank policies that he says hurt economies by keeping “zombie” corporations alive while preventing “creative destruction.”
Gross' Janus Capital Group announced Monday its merger with Henderson Group, creating a $6B asset manager. [Reuters]
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