Billionaire Gross: Jubilee Debt Relief as Prelude to New Global Economic Order

``Just a few months ago, in an explosive statement reported by the UK Telegraph, [the BIS's William White] said that world debt was impossible to pay down and that a debt jubilee would be necessary to give the world a fresh start. Now billionaire bond investor Gross has basically said the same thing. In a Bloomberg interview he said that Japan was out of options and would have to reduce debt by using the central bank to acquire it and "forego repayment." This approach will likely have to be taken with other countries as well. The forgiveness that Gross is talking about is basically a debt jubilee.''