Mohamed El-Erian

You cannot replace something with nothing.

You cannot replace something with nothing.

Europe can't step in.

Europe can't step in.

China can't step in.

China can't step in.

However, what's happening is that countries are slowly building little pipes, Guy, around the core, which is the U.S.,

However, what's happening is that countries are slowly building little pipes, Guy, around the core, which is the U.S.,

And that means that if this continues, the U.S.

And that means that if this continues, the U.S.

ability to inform and influence outcomes is going to come down.

ability to inform and influence outcomes is going to come down.

The U.S.

The U.S.

ability to take advantage of its reserve currency status and our deepest financial system in the world, that advantage will come down and the U.S.

ability to take advantage of its reserve currency status and our deepest financial system in the world, that advantage will come down and the U.S.

will be worse off than it would have been otherwise.

will be worse off than it would have been otherwise.

That seems bleak.

That seems bleak.