Once you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise cash. So, what you then get is spreading malaise throughout the global markets.
Mohamed El-ErianIf you happen to be the only one with negative interest rates, you also weaken your currency, which means you make your exports more competitive.
Mohamed El-ErianInvestors should invest on what they know. The biggest mistake is to invest on what they don't know.
Mohamed El-ErianI remember when I was growing up, you would go to a bank to open a deposit, and they'd give you a toaster. A free toaster. These days, if you're a company, and you go to a bank, they could easily turn you away! They don't want your deposits anymore.
Mohamed El-Erian