The Only Game in Town

  • by Mohamed A. El-Erian
  • Narrated by Dan Woren
  • 9 hrs and 15 mins
  • Unabridged Audiobook

Publisher's Summary

New York Times Best Seller
Dr. Mohamed A. El-Erian, one of the world's most influential economic thinkers and the author of When Markets Collide, has written a road map to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis.
Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.
In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors - and, most important, why they cannot continue in this role alone. They saved the financial system from collapse and a multiyear economic depression in 2008 but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector - before we stumble into another crisis.
The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required listening for investors, policymakers, and anyone interested in the future.


What the Critics Say

"The one economic book you must read now.... If you want to understand this bifurcated world and where it's headed, there is no better interpreter than Mohamed El-Erian.... An excellent primer [and] a guide on what to expect as the world struggles to cope with slower, less equal growth." (Time)
"How come the global economy is now run largely by unelected central banks? In this highly intelligent analysis, the author, a respected investor and CEO, explains how elected governments are failing in their basic job to take care of the economy and why this might lead to a massive unmanageable crisis." (Fareed Zakaria, CNN)
"El-Erian expertly offers a balanced view, commending the central banks for their necessarily aggressive policy views while noting, for example, the failure of the Fed to recognize the pre-crisis housing bubble.... A grand tour of the challenges we face, along with ideal solutions and more likely outcomes." (Steven Rattner, The New York Times Book Review)


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Customer Reviews

Most Helpful


I'm more informed than your average person about this topic, yet I found myself often bored by long, tedious dialogue that sometimes strayed from the subject of Central Banks and sounded more like a book on corporate management techniques (I.e. "convergent diversity "). I disagree with the author's premise that these Central Banks saved us from the 2008 financial disaster without the author also considering that they helped cause that disaster via the very same policies that they have again repeated -- mainly starving average people of interest on their savings and re-inflating bubbles in asset prices -- thus exacerbating the income inequality the author is now discussing, and contributing to the rise of outsider political candidates. It is absurd to praise these institutions -- as the author does -- for allowing politicians "the time to get their act together " when common sense dictates that printing money (QE) allowed politicians to completely avoid making the tough, structural reforms that are needed. Why would they when their only focus is getting elected? The author didn't consider the possibility that the "political dysfunction" he mentions was enabled by Central Bank policies. Central Banks through all this interference in the free markets have done a great disservice, and the results are showing up at the voting booths worldwide!
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- Ellen

This book is a marketing rhetoric for central banks

The book follows a collectivist agenda that promotes handing power over to central banks and international organizations. I'm not a big fan of that mindset so I was greatly turned off by the opinions of mr. El-Erian.
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- Tyson

Book Details

  • Release Date: 03-29-2016
  • Publisher: Random House Audio