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

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

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 econ

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 econ
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Description:

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 econ

Language:

English

Narrators:

Dan Woren

Length:

9h 16m


Chapters

Introduction
Introduction

00:19


Chapter 1
Chapter 1

08:57


Chapter 2
Chapter 2

05:48


Chapter 3
Chapter 3

08:46


Chapter 4
Chapter 4

02:50


Chapter 5
Chapter 5

08:35


Chapter 6
Chapter 6

07:54


Chapter 7
Chapter 7

08:46


Chapter 8
Chapter 8

07:54


Chapter 9
Chapter 9

07:58


Chapter 10
Chapter 10

08:49


Chapter 11
Chapter 11

06:19


Chapter 12
Chapter 12

07:44


Chapter 13
Chapter 13

08:46


Chapter 14
Chapter 14

05:48


Chapter 15
Chapter 15

08:56


Chapter 16
Chapter 16

05:34


Chapter 17
Chapter 17

05:13


Chapter 18
Chapter 18

08:03


Chapter 19
Chapter 19

08:25


Chapter 20
Chapter 20

08:59


Chapter 21
Chapter 21

08:33


Chapter 22
Chapter 22

08:54


Chapter 23
Chapter 23

05:39


Chapter 24
Chapter 24

05:17


Chapter 25
Chapter 25

08:58


Chapter 26
Chapter 26

07:30


Chapter 27
Chapter 27

08:46


Chapter 28
Chapter 28

03:37


Chapter 29
Chapter 29

05:53


Chapter 30
Chapter 30

04:05


Chapter 31
Chapter 31

06:05


Chapter 32
Chapter 32

07:05


Chapter 33
Chapter 33

08:47


Chapter 34
Chapter 34

04:29


Chapter 35
Chapter 35

05:17


Chapter 36
Chapter 36

06:48


Chapter 37
Chapter 37

08:22


Chapter 38
Chapter 38

08:05


Chapter 39
Chapter 39

06:41


Chapter 40
Chapter 40

05:42


Chapter 41
Chapter 41

07:24


Chapter 42
Chapter 42

07:15


Chapter 43
Chapter 43

08:59


Chapter 44
Chapter 44

08:32


Chapter 45
Chapter 45

08:58


Chapter 46
Chapter 46

08:58


Chapter 47
Chapter 47

07:34


Chapter 48
Chapter 48

05:59


Chapter 49
Chapter 49

07:46


Chapter 50
Chapter 50

05:31


Chapter 51
Chapter 51

07:13


Chapter 52
Chapter 52

03:18


Chapter 53
Chapter 53

06:42


Chapter 54
Chapter 54

04:34


Chapter 55
Chapter 55

08:32


Chapter 56
Chapter 56

08:54


Chapter 57
Chapter 57

06:35


Chapter 58
Chapter 58

02:50


Chapter 59
Chapter 59

07:24


Chapter 60
Chapter 60

05:47


Chapter 61
Chapter 61

08:31


Chapter 62
Chapter 62

08:26


Chapter 63
Chapter 63

09:00


Chapter 64
Chapter 64

07:12


Chapter 65
Chapter 65

08:29


Chapter 66
Chapter 66

05:16


Chapter 67
Chapter 67

06:33


Chapter 68
Chapter 68

05:23


Chapter 69
Chapter 69

07:37


Chapter 70
Chapter 70

07:36


Chapter 71
Chapter 71

04:07


Chapter 72
Chapter 72

08:31


Chapter 73
Chapter 73

03:18


Chapter 74
Chapter 74

06:08


Chapter 75
Chapter 75

03:20


Chapter 76
Chapter 76

08:25


Chapter 77
Chapter 77

08:33


Chapter 78
Chapter 78

08:14


Chapter 79
Chapter 79

07:58


Chapter 80
Chapter 80

00:36