And the saving glut is still out there.
储蓄的过剩依然摆在那儿。
A more optimistic view is that the saving glut is temporary.
一个更加乐观的观点是高储蓄率只是暂时的。
Germany's saving glut allowed others to spend freely and to run up large debts.
德国过度的储蓄使得其他国家能够毫无顾忌地开支，并最终债台高筑。
The result, said Mr. Bernanke, was a "global saving glut" : lots of money, all dressed up with nowhere 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。
As academics found fresh theories to explain the saving glut, they became less anxious about the imbalances it produced.
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。
Those links came under strain before the crisis, as a global saving glut caused a decoupling of long- and short-term rates.
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。
But the fact remains that without the global saving glut, we couldn't have had a housing bubble or the resulting housing collapse.
但事实是没有全球存款过剩，我们根本就不会有房产泡沫也不会有房产下跌。
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.
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。
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。
An unsatisfying implication of the literature on the saving glut is that it paints America as a tragic victim of forces beyond its control (though some of the authors insist this is not their belief).
在这项有关储蓄过剩的理论中，有一个恼人的寓意：它将美国描绘成一名不能控制那些施加在其身上的力量的牺牲者(虽然有研究人士坚称这不是他们的见解)。
It is too plentiful for small economies to spend, and has therefore added to the glut of global saving that is in part responsible for the financial excesses of recent years.
对于小规模经济体来说，这些钱多的花不清，结果加剧了全球储蓄的供过于求，这种供过于求要为近年来过高的金融流动性负部分责任。
That glut has contributed to stagnant wages for most workers, and low pay has in turn reduced the incentive to firms to deploy labour-saving technology.
这种供过于求的状态使大多数工人的工资难以增长，低的支付成本进而降低了企业使用劳动节约型技术的动力。
That glut has contributed to stagnant wages for most workers, and low pay has in turn reduced the incentive to firms to deploy labour-saving technology.
这种供过于求的状态使大多数工人的工资难以增长，低的支付成本进而降低了企业使用劳动节约型技术的动力。
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