(marketwatch.com) The Federal Reserve's quantitative easing measures could eventually fuel bubbles in commodities, in emerging markets and in currencies, Mohamed El-Erian, chief executive of bond fund giant Pimco, said on Monday. Speaking at the Buttonwood Gathering in New York, El-Erian said that while the financial system remains under strain from a global crisis, easy money provided by the Fed is likely to "leak" into some areas, such as currencies, commodities, and emerging markets, and could lead to various bubbles. "We have a global financial crisis and the [Fed's quantitative easing measures] are not a response to this crisis but to the real economy," El-Erian said. And while much of the Western industrialized world is deleveraging, with the public sector shouldering the burden of private-sector debt, easy money provided by the Fed is seeking to escape to areas of higher yield, he said
(bloomberg.com) Greece is likely to default over the next three years because budget-cutting wonât be enough to reduce the nationâs debt burden, Pacific Investment Management Co. Chief Executive Officer Mohamed A. El-Erian said.
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