Bill Gross is still preaching that the world's financial system is due to implode.

In his latest monthly "Investment Outlook," Gross, the superstar funds manager for Denver-based Janus Capital Group Inc. (NYSE: JNS), warns "our highly levered financial system is like a truckload of nitro glycerin on a bumpy road. One mistake can set off a credit implosion."

He compared the world's current financial situation to 2008, which was the beginning of a worldwide recession.

Only this time, the world's financial markets aren't as flexible as they were nine years ago.

"Don't be allured by the Trump mirage of 3-4 percent growth and the magical benefits of tax cuts and deregulation. The U.S. and indeed the global economy is walking a fine line due to increasing leverage and the potential for too high (or too low) interest rates to wreak havoc on an increasingly stressed financial system."

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