The Only Game in Town

Praise

“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

“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’s a terrific book.”—Jack Welch
 
“The Only Game in Town may well be the only book you need to read on how the global financial system works, the serious trouble we may be in, and what to do about it. El-Erian’s gift for clarity and his use of compelling examples make important economic issues accessible.”—Anne-Marie Slaughter, president and CEO, New America
 
“From the rise of Airbnb and disruptive technologies to worries about Russian foreign policy and turmoil in the Middle East to negative interest rates and ‘the new mediocre,’ the world is an increasingly confusing place. The job of policymakers is mind-bogglingly hard. Who better than Mohamed El-Erian, with his knowledge of markets, his knowledge of policy, and his brilliant mind, to help organize their (and our) thoughts. The Only Game in Town is a great read.”—Olivier Blanchard, senior fellow at the Peterson Institute for International Economics
 
“Today’s global economy is beset by low growth and rising inequality. By looking at the tools now being used by the world’s major central banks, Mohamed El-Erian shows how we can instead promote inclusive economic growth. This is a must-read from one of the most astute financial analysts of our time.”—Walter Isaacson, author of Steve Jobs
 
“Widely regarded as one of the most astute observers of global 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 take years to regain its footing. Now El-Erian worries it could fall off a cliff. The Only Game in Town is simply a must-read for anyone trying to understand how the global economy might unfold in the next five years.”—Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy at Harvard University, and former chief economist and director of research at the International Monetary Fund
 
“Mohamed El-Erian knows the global economy as an investor, a public servant, and as an analyst with a rare ability to grasp its essentials. He has an urgent message to convey 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. 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 action.”—Jessica Mathews, former president, Carnegie Endowment for International Peace