I’m Ezra Klein. This is “The Ezra Klein Show.”
So here’s a question, and a lot actually rides on the answer. What’s the right story to tell about the economy right now? Is the economy, in its fundamentals, a lot like it was in 2019, but we’re just still working out the kinks and the traumas of the pandemic? Or has something changed more fundamentally, where there’s no going back to the economy in 2019? That we’re now instead in a new era. And what normal could look like, will look like now is not what normal looked like then.
Mohamed El-Erian thinks we’re in the new era. El-Erian was, until 2014, C.E.O. of PIMCO, which was the largest bond manager in the world. And he’s still Chief Economic Advisor at Allianz, PIMCO’s parent corporation, and President of Queens College Cambridge and a columnist at Bloomberg View.
So he’s a guy who knows…