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The math seems to keep making Bill Gross even more frustrated.

Last week, the manager of the Pimco Total Return Fund (PTTRX) walked an audience of fund managers, analysts and investors through some of the cumbersome calculations of figuring out just how far in-debt the U.S. government really is at this point.

He was obviously perplexed, making no effort to hide his displeasure at how policy makers could've gotten into such a predicament.

Today, the skipper of the world's largest bond fund went into even more detail. In an interview with CNBC, he points out that the $14.3 trillion in national debt doesn't include money set aside for Medicare, Medicaid and Social Security.

Such programs add close to $50 trillion to the total bill that American will eventually wind up owing, Gross notes.

As a result, he says that if you add up all those future liabilities, the U.S. is actually in worse financial shape than Greece and other debt-laden European countries.

By his own estimates, Gross puts the U.S.'s real IOU to the world at almost $100 trillion.

"To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."

The latest cautionary notes by Gross come amid reports that U.S. banks are likely to reduce their use of Treasuries as collateral against derivatives and other transactions.

Pimco, which managed more than $1.2 trillion in assets, has backed away from Treasuries. Gross, who also serves as the firm's co-chief investment officer, reiterated his stance today,

"We've always wondered who will buy Treasuries" after the Federal Reserve ends its $600 billion programmed purchases of government bonds after this month, Gross said.

"It's certainly not Pimco and it's probably not the bond funds of the world," he added.

If Greece's situation deteriorates more, Gross believes that German debt, not that of the U.S., would be the safe-haven of choice for global investors.