As we have learned repeatedly through a century of cycles already, faith in central bank magic is misplaced and devastating in the end. We must make our financial decisions accordingly.

Mohamed El-Erian, Allianz chief economic advisor, discusses the current state of the markets and central bank policy. Here is a direct video link

Video length: 00:03:51

Mohamed El-Erian: You need a major shock to dislodge this market from CNBC.