Free Republic

World financial markets should be somewhat relieved that Greece and its creditors reached a reforms-for-bailout deal, closing-followed market watcher Mohamed El-Erian said Monday. But the chief economic adviser at German financial giant Allianz warned that investors should be prepared for a difficult and messy implementation of the terms of the agreement. Euro zone leaders in Brussels agreed Monday on a third rescue for Greece. The deal includes a stipulation that a $55 billion fund be set up using Greek government assets for privatization. The two sides came together for "two negative reasons," because the alternative was worse and nobody wanted...

On the Friday before Christmas, President Obama announced that he was appointing Mohamed A. El-Erian, the CEO of Pacific Investment Management Company, as the chairman of his Global Development Council. The announcement didn’t get much attention, but it should. It exemplifies what’s wrong with Obama’s approach to economic policy, which amounts to: insult rich people as “fat cats,” raise their taxes, and then choose a favored few of them for special access. If you’re not familiar with El-Erian, you must not be watching CNBC or attending the World Economic Forum at Davos. The son of an Egyptian ambassador to France...