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Gundlach: Dollar Rally Coming

TCW CIO Jeffrey Gundlach says investors need to sell out of non-dollar currency investments.


Lawrence Jones: Another area I want to touch upon, because it's something you've written quite a lot about and spoken about in the past, is the large, unfunded obligations that the U.S. government has in front of it. Both formally in a contractual basis through U.S. Treasury obligations, but also through policy prerogatives such as Medicare/Medicaid, Social Security, programs like this. Can you talk a little bit about some of your concerns and thoughts on the debt boom that we've seen at the governmental level?

Jeffrey Gundlach: Yeah, there's been a $7 trillion increase in various promises to pay at the federal level plus state-level over the past 12 months, and now it's up at $65 trillion pushing $70 trillion when you add it all up. Rough numbers, you have $10 trillion dollars of government bonds, you have $10 trillion of guarantees of state and local bonds, and then you have about $45 trillion of Medicare and Social Security.

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