Easy money monetary policies

Bill Gross continues hammering away at the central banks’ easy money monetary policies, the main point of his last newsletter. His contention is that government has four ways to rob bondholders of return:
1.   Outright default, something he says unlikely in the U.S.
2.   Currency depreciation: Gross contends this is a problem for the U.S. currency
3.   Unanticipated inflation: Gross believes the core vs. headline inflation numbers highlight this issue
4.   Negative real interest rates: His newsletter was very much about this point.
Gross recommends investing outside of areas with negative real interest rates and low policy rates like in the euro zone, Britain and the United States.