Acabo de leer esto en http://www.reuters.com/article/2014/11/03/investment-bonds-gross-idUSL1N0ST0ZT20141103
Deflation, a growing possibility -Bill Gross
Nov 3 (Reuters) - Bond investing guru Bill Gross on Monday warned that deflation remains a growing possibility despite aggressive monetary policies by central banks around the world.
In his second investment outlook letter since quitting Pimco, the bond firm he co-founded more than four decades ago, to join Janus Capital Group in September, Gross said history shows that economies experience periods of both inflation and deflation, and both "are the enemies of stability and growth."
"Prices change - and while they usually go up these days, sometimes they do not. We are at such a moment of uncertainty," Gross wrote in his November outlook, released Monday morning.
The roughly $7 trillion pumped into the financial system since the financial crisis by the world's three biggest central banks has succeeded mostly in lifting asset prices rather than the cost of goods and workers' wages, he said. "Prices go up, but not the right prices," Gross wrote.
Gross, who oversees the Janus Global Unconstrained Bond Fund, noted how Alibaba soared from $68 (per share) on opening day to $92 (per share) in the first minute, but other prices including wages "simply sit there for years on end." "One economy (the financial one) thrives while the other economy (the real one) withers," he said.
The U.S. Federal Reserve, Bank of Japan and European Central Bank all have engaged in multiple rounds of extraordinary policy initiatives since the 2008 crisis in a bid to stabilize their economies and create a moderate amount of inflation. Results have largely been disappointing, with none of the three succeeding in guiding their preferred measures of inflation to their target levels of around 2 percent.
"They've made a damn fine attempt at it - have they not?" Gross wrote. "Four trillion dollars in the U.S., two trillion U.S. dollar equivalents in Japan, and a trillion U.S. dollars coming from the ECB's (Mario) Draghi in the eurozone." "Not working like it used to, the trillions seem to seep through the sandy loam of investment and innovation straight into the cement mixer of the marketplace."
Saludos