尽管如此，全球储蓄过剩却在美国终止。
Still, much of the global saving glut did end up in America.
第二种，我们会面临全球储蓄过剩第二代：北方的复仇。
Second, we can have the global savings glut II: the revenge of the North.
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。
The paper argues that the standard "global savings glut " hypothesis helps explain the first two facts.
实际上，除了目前仍存在的问题外，全球储蓄过剩这个问题，也应该寻求一个解决的途径。
But the fact remains that our current problem is, in effect, a problem of excess worldwide savings, looking for someplace to go.
伯南克说，这样做的结果是“全球储蓄过剩”：许多钱穿好了衣服，但是没地方可去。
The result, said Mr. Bernanke, was a "global saving glut" : lots of money, all dressed up with nowhere to go.
受全球储蓄过剩达到创纪录水平的刺激，欧洲和亚洲的投资者在不断涌入美国债券市场。
European and Asian investors have been rushing into the United States bond market, spurred by a global glut of savings that has reached record levels.
随着学术界发现了解释全球储蓄过剩的新理论，他们对其所带来的失衡状态则变得比较释怀。
As academics found fresh theories to explain the saving glut, they became less anxious about the imbalances it produced.
这些联系在这场危机前受到了压力，这是因为全球储蓄过剩导致了长期利率水平和短期利率水平的脱钩。
Those links came under strain before the crisis, as a global saving glut caused a decoupling of long- and short-term rates.
这次题为“全球储蓄过剩和美国经常项目赤字”的讲话，为21实际早期美国贸易赤字的迅速激增提供了一种全新的解释。
The speech, titled “The Global Saving Glut and the U.S. Current Account Deficit, ” offered a novel explanation for the rapid rise of the U.S. trade deficit in the early 21st century.
直白的事实是我们面临着全球储蓄供给过剩，这会对工薪人士造成灾难。
The simple fact is that we have a global excess supply of savings, which is doing terrible things to workers.
在这种全球经济视角中，储蓄不是推动力(就像在储蓄过剩假说中那样)，而是系统中的霸权国家过度货币创造的被动结果。
In this view of the world economy, savings are not a driving force, as in the savings-glut hypothesis, but a passive result of excess money creation by the system's hegemonic power.
作为负责任的全球公民，美国必须解决其储蓄不足问题；与此同时，世界各国有充分理由期待中国担负起责任、减少它过剩的储蓄。
Just as responsible global citizenship requires America to address its savings deficiency, the world has every reason to expect the same from China in reducing its surplus saving.
全球局部的过剩储蓄造成了另一地方的过剩消费。
Thus excess saving in one part of the world has driven excess consumption in another.
基于这种视角，我们认为，本轮周期中不会再次出现全球性的储蓄过剩、从而推动利率下降，因为中美两国都在实施刺激内需的政策。
With that in mind, we don't foresee a renewed global saving glut that can bring down rates in this cycle, because both Chinese and US policies are aimed at stimulating domestic demand.
基于这种视角，我们认为，本轮周期中不会再次出现全球性的储蓄过剩、从而推动利率下降，因为中美两国都在实施刺激内需的政策。
With that in mind, we don't foresee a renewed global saving glut that can bring down rates in this cycle, because both Chinese and US policies are aimed at stimulating domestic demand.
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