pimco mohamed el erian first though what's that other tail in this buy motile fat tailed world now let's talk about though the other side of the coin and what would be required for central banks to lose control and for the system to deal lever central banks between the fed and the e.c.b. we know created trillions of dollars since this crisis began yet we still find ourselves on the verge just as we speak of more debt downgrades in europe today french t.v. channels are reporting is reporting that government officials are saying that as m.p. is going to downgrade france european central bank meanwhile said overnight deposits from banks rose to a record the most money there since the euro was introduced what does that signal to you and why is it the money that the e.c.b. is creating being used to prop up the sovereign bomb market. you know normally when you have a world of unthinkable and that's what we have today. people feel unsettled and uncertain so what do people do when they feel unsettled and uncertain they self insure they start taking steps to try to limit their exposure so we see

he's mohamed el-erian c.e.o. of pimco, the world's biggest bond fund. >> happy new year, susie. >> susie: so you say the numbers were good today but not good enough. what do you need to see happen for you to be more positive about the outlook for the economy? >> first, we should welcome these numbers. these were good numbers. we create 200,000 jobs and hourly earnings and hours worked went up. that's a really good set of developments but it's not good enough. that's what the market told us today. and understandably so because of the headwinds and the three particular head winds the markets are worried about. first the growth we've will over the last few months have been fueled by lower savings rates lowered the amounts they saved an and that's not sustainable and in europe factory output declined by the most in germany in a number of years and in addition italian interest rates went up 7% and finally the global system continues to delever. good news is welcome but it has to be really really good news in order to reach wha

gloom going on in the economy but mohamed el erian had some advice for savers which he said are financially repressed but he said that there may be some opportunities in pimco his view towards the end of the year if things get all dislocated around the world good assets may trade at a very low price so some good news to end on this friday that's all we have time for thanks so much for tuning in feel free to follow me on twitter at lauren lyster give us feedback on the show at you tube dot com slash capital account and be sure to tune in next week i will be off i will be at the world economic forum the annual meeting in davos switzerland dmitri kofi anna is our producer will be filling in we have some great interviews lined up and i will be bringing you daily reports from davos on the back room hallway deals and schmoozing going on so i can give you an insider's look but until then i am lauren lyster have a great night and we'll see you next week. this is claude. allen sitting on the edge of past and present. mixing reality that's nothingness. but if you enter this time. the mystery of supernatural will reach you. shaman of siberia. download the official ant