The world’s central banks stepped in to save the global financial system in 2008 when politicians were paralyzed. The investing community has grown unnervingly dependent ever since, said Mohamed El-Erian, author of The Only Game in Town. 'This time around its about financial pressure and volatility and it’s about a recession, not a depression,' said El-Erian. 'It is dangerous, but it is not as dangerous as it was back then.' El-Erian is the chair of President Obama’s Global Development Council and chief economic adviser at Allianz, the corporate parent of PIMCO, where he was previously the CEO and co-CIO. He also served at deputy director at the International Monetary Fund, managing director at Salomon Smith Barney and president of the Harvard Management Company. result than the market is accepting. 'People have less faith now in central banks,' said El-Erian. 'They are questioning the effectiveness of central banks.'

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