Most people are under exposed to global assets, including foreign stocks, bonds and currencies.
Mohamed El-ErianThe world changes! So we're in a situation today where the only policymakers that have flexibility are central banks. But they don't have the instruments! So they've had to experiment, and the more you experiment, the more uncertainty and the higher the risk of collateral damage.
Mohamed El-ErianWe normally think if you're going to lend someone money, you should get some reward for doing this. In Europe, it's a tax!
Mohamed El-ErianThe once-unthinkable loss of the AAA rating will constitute a further hit to already fragile business and consumer confidence.
Mohamed El-Erian