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The only game in town central banks, instability, and avoiding the next collapse

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The only game in town central banks, instability, and avoiding the next collapse

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapse, AND AVOIDINGPraise forTHE ONLY GAME IN TOWN“The Only Game in Town achieves the nearly impossible: It takes complex financial issues and events and m

akes them both enlightening and entertaining. It’s a must-read for anyone who cares about the global economy and its future, raising critical question The only game in town central banks, instability, and avoiding the next collapse

s, exploring all the relevant topics, and offering sound policy recommendations. Its a terrific book.”—Jack Welch“Mohamed El-Erian understands markets

The only game in town central banks, instability, and avoiding the next collapse

and economics, and he clearly and coolly articulates the forces that created the current global slowdown and the dangerous fork in the road that the

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapsey argues, is that policymakers, businesses, and the rest of us still have our collective hands firmly on the wheel and can steer the economy in a bett

er direction.”—Alan Krueger, Bendheim Professor of Economics and Public Affairs at Princeton University“An indispensable guide to understanding the ra The only game in town central banks, instability, and avoiding the next collapse

pid expansion and current role of central banks in the global economy, as well as the challenges and opportunities that they will confront in respondi

The only game in town central banks, instability, and avoiding the next collapse

ng to future economic shocks.”—James Poterba, professor of economics, MIT, and president and CEO, National Bureau of Economic Research“The Only Game i

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapseironment to the hard choices about taxes and public works that our politicians face to the economics underlying the still relevant ‘new normal’ (which

he coined). El-Erian has an incredibly rich worldview, far greater than the sum of his impressive diverse experience, and seeing todays world economy The only game in town central banks, instability, and avoiding the next collapse

through his eyes offers a real education.”—Dr. Adam s. Posen, president of the Peterson Institute for International Economics“This book is a must-rea

The only game in town central banks, instability, and avoiding the next collapse

d for anyone interested in the global economy. A masterful account of how central banks became the only game in town after the global financial crisis

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapse issues of our times.”—Nouriel Roubini, chairman, Roubini Global Economics and professor of economics, Stern School of Business, NYU“Mohamed El-Erian

knows the global economy as an investor, a public servant, and an analyst with a rare ability to grasp its essentials. He has an urgent message to con The only game in town central banks, instability, and avoiding the next collapse

vey here: Central banks cannot [continue to] carry the global economy on their backs for much longer without a high risk of a very bad global outcome.

The only game in town central banks, instability, and avoiding the next collapse

If he’s right—as he has often been before—all of US, governments, business, finance, and individuals, need to understand why and how to take evasive

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapseobal economic trends, Mohamed El-Erian is famous for having coined the now-ubiquitous phrase ‘the new normal.’ Five years ago, he was worried that the

global economy might lake years to regain its fooling. Now ELFrian worries it could fall off a cliff. The good news from this book is that if policym The only game in town central banks, instability, and avoiding the next collapse

akers get their act together, things could be a lot better. The bad news is that this seasoned and influential veteran isn’t at all sure this will hap

The only game in town central banks, instability, and avoiding the next collapse

pen. The Only Game in Town is simply a must-read for anyone trying to understand how the global economy might unfold in the next live years.”—Kenneth

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapseetary Fund“In his next book, The Only Game in Town, Mohamed El-Erian has done several important things superbly. First, he has presented the first rea

lly comprehensive assessment of the multiple challenges to sustainable and inclusive growth facing a wide range of countries and the global economy. S The only game in town central banks, instability, and avoiding the next collapse

econd, he does it through the illuminating lens of central banks and monetary policy—with few exceptions, the only game in town. Third, he then deftly

The only game in town central banks, instability, and avoiding the next collapse

and insightfully dissects the limits and risks of this almost ubiquitous one-handed policy response. And fourth, he argues persuasively that (his is

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapseing instability. He then suggests mind-sets that will help everyone—policymakers, and the rest of US—navigate this complex and uncharted territory. It

is a tour de force.”—Michael Spence, Nobel Laureate and professor of economics, Stern School of Business, NYU“From setting interest rates to avoiding The only game in town central banks, instability, and avoiding the next collapse

financial crises, if you want to understand the expanding - and sometimes mysterious - role of central banks then look no further than this book. Exp

The only game in town central banks, instability, and avoiding the next collapse

ertly written, it cuts through the jargon to explain how they will be instrumental in getting the economy back on track to deliver growth in an era wh

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

The only game in town central banks, instability, and avoiding the next collapsereadth of experience of Mohamed El-Erian. His insights have been well-honed in the private sector and policy sphere, which shine through in this must-

read book. It covers not only where we have been, but also where the global economy is headed, and why economies need a better strategy for growth whi The only game in town central banks, instability, and avoiding the next collapse

ch is a key question for our time.”—Dr. Linda Yueh is fellow in economics at St Edmund Hall, Oxford University, adjunct professor of economics at Lond

The only game in town central banks, instability, and avoiding the next collapse

on Business School, and visiting professor of economics at Peking University.THE ONLYGAME IN TOWN

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

#1 NEW YORK TIMES and #1 WALL STREET JOURNALBESTSELLING AUTHOR of WHEN MARKETS COLLIDEMOHAMED A.EL-ERIANTHEONLY GAMEIN TOWNCENTRAL BANKS, INSTABILITY,

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