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Pimco’s Bill Gross.
Pimco’s Bill Gross.
(JASON REED/REUTERS)

SCOTT BARLOW

A gloomy Bond King says era of easy credit is at an end

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Bill “Bond King” Gross of Pacific Investment Management Co. (Pimco) raised the unwelcome possibility that the era of credit expansion – now 40 years old – is now over. Unfortunately, the history of global bond yields and developed world demographics support his view.