US Is Debt Addict on 'Budgetary Crystal Meth': Gross

Stocks and bonds will be virtually worthless and gold and hard assets will be the only investments worth having unless the U.S. tames its addiction to debt and deficits, Pimco's Bill Gross said Tuesday.

In his widely followed monthly Pimco investor newsletter, the CEO of the company that runs the largest bond fund in the world paints a stark picture of the domestic financial picture.

He said the nation has lost the trust of financial entities including the Congressional Budget Office, International Monetary Fund and the Bank of International Settlements, each of which lately has published critiques of international finance.

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http://www.cnbc.com/id/49256805