There are some people that, no matter what I’m doing when I hear them, I have to stop and listen. On the short list, very near the top, is Mohamed El-Erian of bond investment giant, PIMCO.

No matter what the crisis, there have always been people that have said “this time is different!” and they’ve invariably been proven wrong. Time and again we think we’re faced with situations that have never occurred before only to be shown “this time” has happened frequently. After all, there’s nothing new under the sun (Eccl 1:9).

So when someone like El-Erian says, not quite that, but comes pretty close, I have to wonder. The major take away here, and something he wrote last week after the EU bailout was announced, is that we’re in a place we’ve never been before.