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Robert Kiyosaki (Best-selling Author)I think [Mohamed A. El-Erian] is one of the smartest guys in the world. We’re going to crash... El-Erian is saying the same thing. He’s saying we have less than three years. He’s saying we’re at a T-junction in the economy. A T-junction means the end of the road. We cannot keep doing what we’re doing. Something is going to force us to change. And what [El-Erian is] talking about is the Fed and the central banks, like the European Central Bank, the Bank of Japan, People’s Bank of China. We’re going down. The good news is you make more money on a crash than you do going up.
Our current economic 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 economy and markets, outlining the choices we face both individually and collectively in an era of economic 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 cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic 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 economies and distorts the financial sector—before we stumble into another crisis.
The future, critically, is not 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 economics, 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 economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
See more books recommended by: Robert Kiyosaki
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