On Friday’s broadcast of Bloomberg’s “Surveillance,” Bloomberg columnist, economist, President of Queens’ College, Allianz Chief Economic Adviser, and former Obama Global Development Council Chair Dr. Mohamed El-Erian stated that the “sustainable energy” transition has helped create “a world that’s subject to higher inflation” than the world we had before.
After arguing that the 2% inflation number is an “arbitrary” number and going from 3% to 2% isn’t worth it, El-Erian said that “if you were to establish an inflation target today based on the secular issues, and let’s talk about it, the domestic paradigm is changing. We’re no longer in this Washington consensus of deregulation, liberalization, and fiscal prudence. We are in a world of industrial policy, government intervention, and fiscal irresponsibility.
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