The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse - Tapa dura

"During my time on Wall Street, I witnessed both high and low times. If you want to understand the modern global economy, you should read this book. El-Erian is an incredibly clear thinker and explains complex ideas in an articulate way that is understandable to the financial novice while engaging to a seasoned industry veteran. Although no one can predict the future, this book comes close."-Sallie Krawcheck, Inc -- Sallie Krawchek * Inc * `Central banks saved the world economy from collapse. But they cannot create enduring and stable economic growth. What is needed now, argues this distinguished and knowledgeable author, are "invigorating structural reforms, rebalancing aggregate demand, lifting crippling debt overhangs, and modernising regional and global architectures". He is right.' - Martin Wolf, Financial Times -- Martin Wolf * Financial Times *

An incisive analysis of the state of the global economy and what the future holds. Surrounded by sluggish growth, high rates of unemployment, rising inequality, growing financial instability and increased social tensions, pessimism about our future abounds. Dr. Mohamed A. El-Erian, one of the world's most influential economic thinkers, explains lucidly the realities of the economic choices that we will soon face. The path that the global economy and markets are on is ending. But what comes thereafter is far from predestined. It critically depends on choices that we make as households and companies, and decisions that our political representatives take. The Only Game in Town details how the world is increasingly being shaken, both from above and from below. It illuminates the growing internal contradictions, the constraints that are undermining growth and prosperity, and the radical overhaul in thinking that is required. In the aftermath of the financial crisis, central banks were handed responsibility for the fate of the global economy. Lifting the veil on the inner workings of these powerful and innovative institutions, El-Erian explains why they cannot save us this time around. Laying out a road map for growth, The Only Game in Town shows how and why collaboration between central bankers, policymakers and business leaders is essential. Drawing on insights from behavioral science, economics and finance, this book provides the tools needed to understand the uncertainties that lie ahead and return us to a path of prosperity. Thought provoking and insightful, this book is required reading for investors, policymakers, and anyone interested in the future.