Mohamed El-Erian QUOTES

1 " Having been forced into being the only game in town, they (Central banks) now find that their destiny is no longer entirely or even mostly theirs to control. The legacy of their exceptional period of hyper policy experimentation is now in the hands of governments and their political bosses (p. 265). "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

2 " When the West turned down Egypt's request for financial assistance to build a new dam on the Nile -- a national project deemed vital for the country's well-being -- the government of the time felt it had no choice but to go to the Soviet Union for help. By doing so, it committed the country to almost 20 years of Soviet influence, changing the geopolitics of the region in a consequential and durable manner. "

― Mohamed El-Erian

3 " Ever since the 2008 global financial crisis, central banks had ventured, not by choice but by necessity, ever deeper into the unfamiliar and tricky terrain of “unconventional monetary policies.” They floored interest rates, heavily intervened in the functioning of markets, and pursued large-scale programs that outcompeted one another in purchasing securities in the marketplace; to top it all off, they aggressively sought to manipulate investor expectations and portfolio decisions. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

4 " It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” —CHARLES DARWIN "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

5 " One road out of the T junction ahead involves a restoration of high-inclusive growth that creates jobs, reduces the risk of financial instability, and counters excessive inequality. It is a path that also lowers political tensions, eases governance dysfunction, and holds the hope of defusing some of the world’s geopolitical threats. The other road is the one of even lower growth, persistently high unemployment, and still worsening inequality. It is a road that involves renewed global financial instability, fuels political extremism, and erodes social cohesion as well as integrity. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

6 " I am describing the outlook that I see as most likely, but based on many years of making economic projections, I can assure you that any specific projection I write down will turn out to be wrong, perhaps markedly so.” —JANET YELLEN "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

7 " You don’t have to see the whole staircase, just take the first step.” —MARTIN LUTHER KING, JR. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

8 " But while these views have also been evolving, many in the economic forecasting profession, however, have insufficiently internalized the implications for what lies ahead. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

9 " growth models. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

10 " The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.” —JOHN MAYNARD KEYNES "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

11 " worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

12 " As stable as it may seem on the surface to some, the current configuration of the global economy and the financial system is getting harder to maintain. Below the façade of the unusual calm of the last few years, interrupted by relatively few bouts of instability since 2008–09, tensions are rising and the effectiveness of central banks is coming under stress, so much so as to raise serious questions about the durability of the current path that the global economy is on. "

― Mohamed El-Erian , The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse