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Zusammenfassung von The Only Game In Town

Name: The Only Game In Town
Rating: 4.1 (67 reviews)
Author: Mohamed A. El-Erian

Mohamed A. El-Erian

Central Banks, Instability, And Avoiding The Next Collapse

4.1 (67 Bewertungen)

16 Min.

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International Economics Crises & Scandals

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The Only Game In Town
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What’s in it for me? Delve into how central banks define the current economic situation.

Since the 2008 financial crisis, politicians have failed to find any means to foster economic growth. Instead, they turned to central banks – the institutions that oversee monetary systems – and made those institutions solely responsible for creating growth. Somehow central banks have become the “only game in town” when it comes to making the economy prosper again.

These blinks explore the significant role of central banks in the world economy and take you through some of the disconcerting developments that can be understood by looking at the responsibilities of central banks.

You’ll also learn

why the European Central Bank charges people to put their money in the bank;
how central banks have widened the income inequality gap; and
why structural reforms need to be prioritized.

Central banks have gone through a dramatic transformation in recent years and have ventured into unknown territory.

Few people paid attention to the role central banks played in the global economy before the financial crisis of 2008. Even today, most people only have a loose understanding of what they are. In layman’s terms, they’re state-owned institutions that manage a nation’s money supply.

Central banks have gone through some dramatic changes in recent years, however, and now possess a lot more power and responsibility.

In addition to printing money and managing the currency in circulation, central banks are now tasked with fostering economic growth and employment. They’re also responsible for ensuring financial stability by monitoring the banking industry.

Consider the Federal Reserve System, or the Fed, which serves as the central bank of the United States. It oversees the nation’s financial system by supervising and regulating banks.

Because of the problems caused by the 2008 financial crisis, central banks have been forced to venture into potentially dangerous new economic waters. When the US housing market started to collapse in 2008, some central bankers had to interfere by leveraging monetary policies that had never been used before.

In June of 2014, for example, the European Central Bank pushed the interest rate on bank deposits into the negatives: an unprecedented move in times of economic stability. Depositors were thus paying to store their money in the bank rather than earning interest from doing so.

The move was aimed at boosting the economy by incentivizing people to spend more. Instead, it just hurt people who were saving their money by taking it away from them. The full repercussions of this policy remain to be seen.

Where have these changes been leading us? What effects will they have in the long run?

Central banks are associated with worrisome developments, such as a lack of growth and high unemployment rates.

Central banks managed to restore calm to financial markets after the 2008 crisis, but they failed to create what Western countries need the most: strong growth.

All in all, the central banks’ new ventures have created ten major worrisome developments. Let’s take a look at the first two now.

Income inequality and political dysfunction are on the rise; institutional credibility is on the decline.

In recent decades, globalization has been closing the worldwide gap between rich and poor countries. Yet within each country, income inequality is increasing.

In fact, income inequality is now higher than at any point in the past fifty years. The average income of the top 10 percent of the Western world is about nine times higher than that of the lowest 10 percent, according to the Organization for Economic Co-operation and Development, or the OECD.

Geopolitical tensions are mounting and significant financial dangers loom.

We’ve seen that domestic nationalist political movements are on the rise. Unfortunately, this isn’t the only increasing global concern.

Geopolitical tensions are also on the rise because Western economies can no longer manage the international monetary system. The Western countries are the heart of the current global financial system. The United States is the most influential player in both of the world’s two most powerful financial institutions, the International Monetary Fund, or the IMF, and the World Bank.

Financial risk-taking is high, economic risk-taking is low, and well-managed economies struggle to thrive.

If you’re the head of your company, you take a risk when you invest in training your labor force. You can’t be sure it will eventually pay off. If you’re an investor, you take a financial risk with your investment: you can’t know whether the share price will rise or fall.

In other words, companies take economic risks and investors take financial risks.

There are four key measures we can take to improve the ailing global economy.

It would be nice if there were one simple solution for all the global economic problems of our time. Alas, there is not. But there are four key measures we can take to help regenerate growth.

First off, we need to take the idea of inclusive growth – growth that benefits everyone – more seriously. Central banks have proven to be ineffective at fostering inclusive growth with their financial engineering. Instead, we have to focus on structural reforms, like strengthening infrastructure and improving education systems.

The future economic landscape will be divided into four groups of countries, each with differing economic prospects.

Where is the current economic course leading us? It’s impossible to predict the future, but we do know a few things.

In the future, countries will likely be divided into four groups: those that prosper, those that are slowly growing, those that stagnate and those with a volatile future.

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Worum geht es in The Only Game In Town?

The 2008 financial crisis dramatically changed the global economic landscape. Central banks now play a very different role than they did previously, and we now face a set of new economic risks and problems. The Only Game in Town (2016) outlines the roots of these risks and problems, and what we can do to start overcoming them.

Bestes Zitat aus The Only Game In Town

It is now crystal clear the central banks ended up taking an overly relaxed approach to the deregulation of financial activities.

—Mohamed A. El-Erian

Wer The Only Game In Town lesen sollte

Economists, analysts and bankers
Anyone curious about the future of global politics

Über den Autor

Mohamad A. El-Erian is the chair of President Obama’s Global Development Council and the chief economic advisor at Allianz, the corporate parent of PIMCO. He’s also a contributing editor for the Financial Times, a Bloomberg columnist and has served as the deputy director of the International Monetary Fund. His writings have appeared in Fortune, the Wall Street Journal, the Washington Post and a number of other publications.

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