Mohamed El-Erian

It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery.

Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.

Self-indulgence is something to watch, but anything that helps you understand situations that are difficult to understand is good. If you're having some sort of emotional trauma, you need to find a person to talk to about it who says, 'This is quite normal; it's fine.'