When suicidal valuations meet reality

Reality dawning for blind believers: central banks cannot drive the world economy. Forecasters in the public and private sector have been ridiculously optimistic and financial markets have been rising on reckless leverage and wishful thinking…

Mohamed El-Erian, a Bloomberg View columnist and former chief executive officer of Pacific Investment Management Co., talks about the outlook for the U.S. and global economies, Federal Reserve policy and market volatility. Here is a direct video link.

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