This is an automatically generated TL;DR, original reduced by 94%.

If that's so, then we should include the lowering or elimination of those barriers as a potentially useful antidote to secular stagnation in the US. Some years ago I discussed the macroeconomic implications of global flows of saving and investment under the rubric of the "Global savings glut".

A country with a current account surplus is saving more than it is investing domestically and using the excess savings to acquire foreign assets.

Second, the aggregate current account surplus of emerging market countries-whose large net saving was an important part of my original savings glut story-has fallen significantly since 2006.

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