We 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 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-ErianAs we spend more, and as companies are pushed to invest, they say, "Hey wait a minute! There's more demand in the system. Let's invest more."
Mohamed El-Erian