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10/1 What you're not supposed to understand

The financial system is f^%#'ed

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Short course in how the world works.

It's all about bonds. Stocks are glamorous and go up and down, but it's the health of the bond market that determines the health of the financial system.

Until last week, Bill Gross ran the biggest bond fund in the world, PIMCO, with $2 TRILLION dollars under management.

The financial news media has had a field day ridiculing him recently.

Why?

Because he made one bad call?

I don't think so.

The problem with Bill Gross is that he has a high profile and high credibility - and he is telling the truth:

Here it is:

We need insanely low Fed rates or the whole system is going to blow up

It only took a real rate of 1% to blow up the financial system back in 2006 and 2007.

The Fed claims two things that I don't think are true:

1. They, not the market, control rates

2. They know what they're doing

When you cut through all the endless smoke, mirrors and BS, we're wired for implosion.