Gross: Uncompetitive West faces crisis of 'endless proportions'

Pimco bond guru Bill Gross says the developed world faces a crisis of "potentially endless proportions" as the West struggles to compete with emerging markets.

Gross says with insufficient global demand, nations are competing furiously for their share of the diminishing global growth pie. However, the manager of the world's biggest bond fund says the US and developed world currently lacks the ability to out-innovate competitors. "The United States and its developed economy counterparts face an unfamiliar crisis of unrecognised dimensions and potentially endless proportions," Gross says. "Politicians and respective electorates focus on taxes or healthcare when the ultimate demon is a lack of global demand and the international competitiven...