Pimco's El-Eiran Warns About "Outdated" Thinking
The world has changed, but the way investors and government policymakers think has not, warns Pimco's CEO Mohamed El-Erian. "We have left the global growth regime that was driven primarily by debt-finance consumption in the U.S., but we have not as yet reached a position of more balanced, albeit anemic, growth," he writes. Consumer indebtedness, banks' balance sheets, unemployment and public debt are four key factors in his analysis. Click here for El-Erian's article from Financial Times.