El-Erian was always one of the more sensible economic commentators on CNBC. But this morning, he showed he does not get it either. Basically he said the inflation was due to exogenous factors, & only blames the Fed Reserve for not recognizing that & raising rates earlier. Inflation is due to money printing. Would China or other issues, impact the prices of housing in U.S, one of the most inflationary examples? If anything, fewer foreigners coming / buying U.S. real estate would put downward prices. The Fed balance sheet is the only necessary condition to create inflation.