Second, we can have the global savings glut II: the revenge of the North.

第二种，我们会面临全球储蓄过剩第二代：北方的复仇。

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The paper argues that the standard "global savings glut " hypothesis helps explain the first two facts.

这篇论文辩称，标准的“全球储蓄过剩”假设，有助于解释前两个特点。

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Structural deficits soon re-emerged, but the bond market no longer seemed to care, as long as the global savings glut kept America's borrowing costs low.

结构性赤字马上再现，但只要全球存款能保住美国低廉的借钱成本，债券市场似乎就不必在意巨大的赤字了。

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How much does the present-day global liquidity glut owe to rising global prosperity and savings?

FORBES: The Economy's Trillion-Dollar Question

Many economists, including the heads of the US and British central banks, say China's high savings and its semi-fixed exchange rate helped cause the financial crisis by producing a glut of global liquidity.

BBC: The global financial crisis and the BRICs