Like it or loath it, the fact is that the US economy and its puppeteer, the US Federal Reserve, call the global economic shots. Custodians of the world’s reserve currency, issuer of the world’s largest debt pile, and of course the world’s largest economy. In this context when one of the most respected economists, Mohamed A. El-Erian, warns that the Fed is risking a “historic policy error whose negative implications could last for years and extend well beyond the U.S.”, well, you listen.
