I wonder what the informational content of an op-ed by PIMCO’s CEO about how we shouldn’t rely on additional monetary or fiscal stimulus to revive the world economy is supposed to be. After all, if there’s a clash between what policies would be good for PIMCO’s investment positions and what policies would be good for the global economy, El-Erian has a responsibility to push for policies that would be good for PIMCO’s investment positions. Is there such a clash? Well, readers of The Washington Post op-ed page have no way of knowing. So what’s the point of publishing it?