Will zombies own the road ahead for financial markets or can the global economy sustain itself without central bank transfusions? That's the question posed by Pimco's cerebral chief executive officer Mohamed El-Erian in a new report that suggests the economy is still haunted by the legacy of the last crash and spoiled by the easy money that has been pumped into it since.
He says the global economy is struggling against "zombification" from companies living off easy money but not investing in growth.
El-Erian sees a chance that growth could recover, but it's still unclear. He says there are "multiple possibilities of what the British would call a 'T-junction' – where the current road eventually ends, giving way to one of two contrasting outcomes."
El-Erian is not sure which fork the economy will take, but is preparing for both.