Europe is in danger of becoming the "new Japan" according to Mohamed El-Erian.
A frightening proposition considering Japan has been suffering from economic malaise for decades.
El-Erian also points out the big divergence happening between the United States and the rest of the world. While the U.S. economy is strong enough that we can expect to see rate increases this year, the rest of the world is still aggressively easing with 16 rate cuts so far this year.
