Mohamed El-Erian, chief economic advisor at Allianz, blames discord in the global political environment for the lack of economic growth in the U.S. and abroad.
"The politics of anger have become global," said El-Erian, pointing to events like the United Kingdom's vote to exit the European Union, also known as Brexit. "What that does is it completely paralyzes governments, and it allows central banks to step in, and central banks feel compelled to step in," he added.
At home, El-Erian believes the Fed is behind the curve with regard to raising interest rates and risks "financial instability" the longer it waits.
The economist shares his views on how to jump-start the economy, and what could be ahead for the stock market and investors.