Gross: U.S. Is “Cleanest Dirty Shirt”

PIMCO bond guru Bill Gross says that the U.S. is currently offering the best of several bad options for bond investors. “It’s what we call the cleanest dirty shirt, and at the moment the cleanest dirty shirt is the United States,” Gross told CNBC’s Street Signs. “It’s Treasurys, it’s those 1.75 percent 10-year Treasurys that are definitely overvalued but at a time of crisis appreciate in value or least least hold their value.” Gross also says Greece isn’t the end of the debt problems in Europe. “It’s a global crisis from the standpoint of too much debt and delevering,” said Gross. “Greece is just the focal point for the moment, but it’s a continuing process and that’s why you see gold down, that’s why you see oil down, that’s why you see stocks down, that’s why you see risk assets down, is because they’re delevering and money is basically fleeing to the center.”