Mohamed El-Erian

which is not only do you get phase one and phase two, but you also get demand destruction.

which is not only do you get phase one and phase two, but you also get demand destruction.

So you start worrying about economic growth.

So you start worrying about economic growth.

And of course, phase four, which I hope we never get to, would be financial instability undermining the economy.

And of course, phase four, which I hope we never get to, would be financial instability undermining the economy.

So we are looking at a world in which the U.S.

So we are looking at a world in which the U.S.

outperforms the rest of the world.

outperforms the rest of the world.

And parts of the rest of the world, Asia in particular, parts of Europe, risk recession.

And parts of the rest of the world, Asia in particular, parts of Europe, risk recession.

So Americans are proud, and rightly so, that we are energy independent.

So Americans are proud, and rightly so, that we are energy independent.

As such, we don't have to worry about physical supplies.

As such, we don't have to worry about physical supplies.

But this sort of shock, Kai, hits virtually every single country.

But this sort of shock, Kai, hits virtually every single country.

So the warning I was trying to send out is don't think that relative matters as much as absolute.

So the warning I was trying to send out is don't think that relative matters as much as absolute.