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

By Mohamed A El Erian
NEW YORK TIMES BESTSELLER - A roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis, from one of the world's most influential economic thinkers and the author of When Markets Collide

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.
Praise for The Only Game in Town
"The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it's headed, there is no better interpreter than Mohamed El-Erian."-Time
"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
"A must-read from one of the most astute financial analysts of our time."--Walter Isaacson, author of Steve Jobs
"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
"[A] highly intelligent analysis."--Fareed Zakaria, CNN (book of the week)


NEW RELEASES: The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

Posted January 28, 2016, 9:54 AM with category of Current Events & Public Affairs
Mohamed A. El-Erian's new book provides the crucial roadmap for preventing the next global economic catastrophe. Read more


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ISBN: 9780812997620

About the Hardcover

Publisher Random House
Publish date 01/26/2016
Pages 320
ISBN-13 9780812997620
ISBN-10 081299762X
Language English

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