"In his typical forthright manner, the moustachioed maestro appeared on
Bloomberg TV today discussing Europe's crisis and the US economy. While we (ZH)
wonder what (or who) the 'we' El-Erian is speaking for, he notes that the
Fed "doesn't have enough policy instruments to deal with the challenges
facing the economy" and that QE3 will not work (a possibility we discussed last
week). From investing in a fat-tailed environment to the Fed's liquidity
trap and why Europe needs to 'refound' the euro-zone, his fragile hope is that
crises remain 'contained' yet prefers the USD's 'safety' for now and worries on
the US stocks 'cleanest dirty shirt' bullish argument, suggesting defense is the
better play currently..."
at http://www.zerohedge.com/news/pimcos-el-erian-qe3-wont-produce-outcomes-we-want
at http://www.zerohedge.com/news/pimcos-el-erian-qe3-wont-produce-outcomes-we-want
