Mohamed El-Erian is the chief economic adviser at Allianz, the corporate parent of PIMCO, where he served as CEO and co-chief investment officer. Allianz is one of Europe’s largest financial and insurance companies with more than $2 trillion euros under management.

Mohamed chaired President Obama’s Global Development Council, is a columnist for Bloomberg View and a contributing editor to the Financial Times. He is the author of the  New York Times bestselling book The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse. A second edition of the book, with a new introduction by Mohamed, was published this month by Random House.

“This is by far the biggest hit to the U.S. economy and the global economy that we’ve seen since the Great Depression…it will make the Great Recession look like a soft blow, and we all know what we felt then.”