Opinion: (Mohamed A. El-Erian, Pacific Investment Management Co.): “Pacific Investment Management Co.’s Mohamed A. El-Erian said organizations such as the International Monetary Fund need to act with European banks at risk of being engulfed in the region’s sovereign-debt crisis.
“‘We’re getting close to a full-blown banking crisis in Europe’ … ‘We are in a synchronized global slowdown. There’s very little confidence in economic policy making both in Europe and the U.S.'”
My Comment: Although the participants of the IMF and the World Bank meetings are already disappointed by their own abilities, they do not see any other options. What’s needed for them to hear us? I think it’s the voice of the people. When the available funds for solving the crisis run out, protests will begin in the developed countries of Europe and the United States. The revolution will take place in people’s mind: They will understand that they face the problem “above themselves,” which they cannot solve, and then they will hear the voice of the Mutual Guarantee movement.