Gross: Raise the Debt Ceiling, And Not Because I'd Benefit

``If our government doesn't give a damn about the greenback dollar and its solvency, why should we expect others to protect its status as a reserve currency -- a privilege that, by the way, lowers our interest expenses by an estimated $30 billion annually? ''

We think Gross is a little more than disingenuous than this. He positions himself as having the opposite interest as what he is arguing for -- "PIMCO owns few Treasuries, therefore we'd benefit from default". But in fact, PIMCO has sold credit default derivatives on US debt, betting against a default. So while PIMCO does technically own very few bonds, they are very much financially-exposed to a technical default of US Treasuries.