Gross: Beware of inflationary dragons lurking in 'out' years

The future stability of the global economy has been threatened by the Bank of England and six of the largest central banks issuing close to $6trn of "essentially free" money since the financial crisis, according to PIMCO's Bill Gross.

The manager of the world's largest bond fund said the price tag for printing $6trn will come in the form of inflation and devaluation of currencies either relative to each other, or to commodities in less limitless supply such as oil or gold.  Gross (pictured) warned when central banks enter "the cave of quantitative easing and essentially costless electronic printing of money, there may be dragons". He referenced a letter the Chancellor of the Exchequer George Osborne wrote to Mervyn King, Governor of the Bank of England, in November.  The letter said: "Transferring the net income...