Central banks aren't stupid, they're just stubborn. The unintended consequences, a palpable word for not heeding the lessons of history, of zero bound rates have never been further reaching.
Businesses lose foresight they used to have. Savers and pensions suffer the most because savings cannot earn a high enough return to justify the value of time and opportunity costs. It's all about the yield curve, which has never been as flat as it is today.
Things have gotten so out of whack that even Gross himself openly admits that the 'necessary' changes will most probably not be effected. Entire financial systems have been built on this new paradigm.
Unfortunately for the real economy, this new paradigm has hindered long term economic growth and stability. Will anything change? Perhaps not.