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Mohamed El-Erian: America Is Exporting Its Debt Crisis
Description
War with Iran, record diesel prices, and a global bond sell-off: how much more can the world economy take?
Mohamed El-Erian (Wharton, Allianz, former CEO of PIMCO) joins Sir Richard Dearlove (former head of MI6) and John Raine to explain what's driving the bond market sell-off, why the US is exporting instability to the UK, France, and Japan, and why AI is "80% asset, 20% liability." Plus: how PIMCO really navigated Lehman's collapse, and the one decision he's watching. In this episode: (00:00) Intro (03:07) Why this crisis is different (04:04) Permacrisis and "minilateralism" (05:46) What's driving the global bond sell-off (07:32) The hit to US households: mortgages, car loans, the K-shaped economy (10:10) "Our yields, your problem": UK, France and Japan (13:05) France, Mélenchon and Europe's leadership vacuum (17:59) AI: 80% asset, 20% liability (20:35) US-China AI Race (31:30) Did PIMCO predict Lehman Brothers collapse? (35:58) Who wins in today’s economy? (44:51) Can finance ministers fix what politicians can't? (46:32) How important are AI companies to the economy? Hosted by Sir Richard Dearlove (former MI6 Chief) and John Raine (International Institute for Strategic Studies).
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