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Zusatztext “The one economic book you must read now . . . If you want to understand this bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian. . . . [ The Only Game in Town ] is an excellent primer. . . . It’s also a guide on what to expect as the world struggles to cope with slower, less equal growth and the resulting populism, nationalism and ugly partisan politics that we see in countries from the U.S. to France to China.” — Time “How come the global economy is now run largely by unelected central banks? In this highly intelligent analysis, the author, a respected investor and CEO, explains how elected governments are failing in their basic job to take care of the economy and why this might lead to a massive unmanageable crisis.” —Fareed Zakaria, CNN (book of the week) “El-Erian expertly offers a balanced view, commending the central banks for their necessarily aggressive policy views while noting, for example, the failure of the Fed to recognize the pre-crisis housing bubble. But title aside, this is hardly just a book about central banks. Instead, El-Erian offers 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 no longer the only game in town.” —Steven Rattner, The New York Times Book Review “What better moment could there be for a book subtitled ‘Central Banks, Instability, and Avoiding the Next Collapse’? And who better to write it than Mohamed El-Erian—the man who captured the essence of the present era of low growth, low inflation and low investment returns better than anyone else with his memorable concept of the ‘new normal’? . . . It is refreshing to read a policy book with the confidence to say that it is pointless to dispense elevator-pitch solutions to epochal economic challenges. . . . [A] sobering book.” — Financial Times “A warning on the Federal Reserve’s limits . . . For those who consider Washington politicians incapable of acting effectively, [El-Erian’s] diagnosis is chilling. . . . What’s vital now, Mr. El-Erian argues, are large-scale investments in the ‘real economy’ with greater potential to create stable, widely distributed growth. They are measures only a president and Congress can take: improved public infrastructure, enhanced education and job training, an overhaul for a convoluted tax system rife with perverse incentives.” — The New York Times “El-Erian uses the bank as a backdrop for discussing the current crossroads he sees in the global economy and the role these institutions could play in shaping the future. . . . This easy-to-read discussion from a well-respected financial industry insider on the current state of the economy and the role of central banks will satisfy anyone who wants to learn about economics or the policy decisions that affect financial stability.” —Library Journal “Mohamed El-Erian has had an extraordinary career as an investment analyst, investor, and market commentator. His ‘new normal’ concept was prescient, provocative, and has proven out. Agree or disagree, his go-forward thoughts contained in this bracing book are well worth considering.” —Lawrence H. Summers, former secretary of the U.S. Treasury “ The Only Game in Town achieves the nearly impossible: It takes complex financial issues and events and makes them both enlightening and entertaining. It’s a must-read for anyone who cares about the global economy and its future, raising critical questions, exploring all the relevant topics, and offering sound policy recommendations. It&rsqu...
