PIMCO's Bill Gross Attacks Keynesian Economics

The establishment is turning against Lord Keynes and his failed economic legacy. The world's largest bond fund manager Bill Gross attacks Keynes:

Politicians and the beneficiaries of their fiscal illusions for the past 80 years abused the Keynesian philosophy, relentlessly and dangerously pursuing the use of debt for self-aggrandizement. Today, the citizens of indebted nations bear a heavy burden and must begin repaying the debts. It is a herculean task, because the debts are mountainous. Yet, there is no choice, because investors have become intolerant of fiscal follies. They are saying no to Keynes, in other words.

Central bankers in the United States and Europe are also saying no to Keynes, pressuring their respective fiscal authorities to get their fiscal houses in order. They recognize that it is reckless to use their printing presses to monetize sovereign debt. Central bankers know that history is strewn with countless examples where the ravages of excess coinage debased currencies have wrecked economies.

No word yet from court economist Paul Krugman on this one.