NEW YORK TIMES BESTSELLER - A roadmap to what lies ahead and the decisions we must make w to stave off the next global ecomic and financial crisis, from one of the world's most influential ecomic thinkers and the author of When Markets CollideOur current ecomic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder. In The Only Game in Town, El-Erian casts his gaze toward the future of the global ecomy and markets, outlining the choiceswe face both individually and collectively in an era of ecomic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors--and, most important, why they cant continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear ecomic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails ecomies and distorts the financial sector--before we stumble into ather crisis. The future, critically, is t predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from ecomics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global ecomy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future. Praise for The Only Game in Town The one ecomic book you must read w . . . If you want to understand [our] bifurcated world and where it's headed, there is better interpreter than Mohamed El-Erian. -Time A grand tour of the challenges we face, along with ideal solutions and more likely outcomes . . . We desperately need a system in which the central banks are longer the only game in town. --Steven Rattner, The New York Times Book Review A must-read from one of the most astute financial analysts of our time. --Walter Isaacson, author of Steve Jobs El-Erian's gift for clarity and his use of compelling examples make important ecomic issues accessible. --Anne-Marie Slaughter, president and CEO, New America [A] highly intelligent analysis. --Fareed Zakaria, CNN (book of the week)
Mohamed A. El-Erian is the chair of President Obama's Global Development Council and chief economic advisor at Allianz, the corporate parent of PIMCO where he was previously the CEO and co-CIO. He is a contributing editor at the Financial Times and a Bloomberg columnist. Earlier in his career, he served as Deputy Director at the International Monetary Fund, Managing Director at Salomon Smith Barney, and president and CEO of the Harvard Management Company. El-Erian was on Foreign Policy's list of Top 100 Global Thinkers for four consecutive years, and named by that journal as one of the 500 most powerful people on the planet. He is regularly on CNN, CNBC, and Bloomberg, and his writings have also appeared in Fortune, The Wall Street Journal, The Washington Post, Business Insider, Newsweek, The Atlantic, Latin Finance, Project Syndicate, and other outlets. El-Erian's last book, When Markets Collide, was a New York Times and Wall Street Journal bestseller, won the Financial Times/Goldman Sachs Award for best business book of the year, was named as a best book of the year by The Economist, and was called a best business book of all time by TheIndependent. El-Erian earned his master's degree and doctorate at Oxford University, having obtained his undergraduate degree at the University of Cambridge, where he holds an honorary fellowship at Queens' College.