The Only Game in Town
Central Banks, Instability, and Avoiding the Next Collapse
About the book
Mohamed A. El-Erian argues that central banks became the main policy actors after the 2008 global crisis and cannot keep carrying that load alone. They kept the financial system from collapsing, he writes, but lack the tools to restore high, inclusive growth and lasting financial stability. He describes the global economy as nearing a T junction: one road leads to lower growth, recessions and political dysfunction, the other to renewed growth fed by idle corporate cash and innovation. His proposed fix has four parts: structural reform, more balanced demand, debt reduction where overhangs are crippling, and global policy coordination. Published in 2016, it reached the New York Times bestseller list.
Robert Kiyosaki named it one of two books people should read, calling El-Erian one of the smartest people in the world and agreeing with his warning that the economy is at a T-junction.
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Robert Kiyosaki (Best-selling Author)
I think [Mohamed A. El-Erian] is one of the smartest guys in the world. We’re going to crash... El-Erian is saying the same thing. He’s saying we have less than three years. He’s saying we’re at a T-junction in the economy. A T-junction means the end of the road. We cannot keep doing what we’re doing. Something is going to force us to change. And what [El-Erian is] talking about is the Fed and the central banks, like the European Central Bank, the Bank of Japan, People’s Bank of China. We’re going down. The good news is you make more money on a crash than you do going up.
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