El-Erian is delusional

He thinks that fiscal policy produc es a pony for everyone:

His essay on optimum policy in the Swamp: Indeed, with financial bubbles growing, the nature of financial risk morphing, inequality worsening, and non-traditional – and in some cases extreme – political forces continuing to gain traction, the calming influence of unconventional monetary policies is being stretched to its limits. The prospect that such policies will be able to keep the economic engines humming, even at low levels, looks increasingly dim. Instead, the world economy seems to be headed for another crossroads, which I expect it to reach within the next three years.

This may not be a bad thing. If policymakers implement a more comprehensive response, they can put their economies on a more stable and prosperous path – one of high inclusive growth, declining inequality, and genuine financial stability. Such a policy response would have to include pro-growth structural reforms (such as higher infrastructure investment, a tax overhaul, and labor retooling), more responsive fiscal policy, relief for pockets of excessive indebtedness, and improved global coordination. This, together with technological innovations and the deployment of sidelined corporate cash, would unleash productive capacity, producing faster and more inclusive growth, while validating asset prices, which are now artificially elevated.

Mohamed  had better improve his knowledge of  Swamp history.