Gold 
U.S. Must Buy Assets to Prevent `Financial Tsunami,’ Gross Says
“The U.S. government needs to start buying assets to stem a bourgeoning ‘financial tsunami,’ according to Bill Gross, manager of the world’s biggest bond fund.
A process of ‘delevering,’ where banks are shrinking and cutting off lending, is sapping demand for loans, bonds, stocks and commodities, driving down prices of assets of even ‘impeccable quality,’ Gross said. The decline may continue until the government steps in as a buyer, he said.
‘Unchecked, it can turn a campfire into a forest fire, a mild asset bear market into a destructive financial tsunami,’ Gross of Newport Beach, California-based Pacific Investment Management Co. said in commentary posted on the firm’s Web site today. ‘If we are to prevent a continuing asset and debt liquidation of near historic proportions, we will require policies that open up the balance sheet of the U.S. Treasury.'”
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