December 26, 2012 — Quote of the Day

“Unless developed economies learn to compete the old fashioned way – by making more goods and making them better, the smart money will continue to move offshore to Asia, Brazil, and other developing economies both in the asset and the currency space. The United States, in short, needs to make things, and not paper,” said Bill Gross, the managing director and co-chief investment officer of bond giant PIMCO.

 

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