Central bankers boast they know history, but…

Though it is fashion to blame the US for all the ills now flowing into the global economy, we don’t think it’s quite that simple.

Remember that mass that was referred to as the “global savings glut.” In short, it was the massive current account surplus accumulation of the East thanks to the massive consumption of the West, which was buoyed by the Massive “global savings” glut allowing for the creation of rocket science products called derivatives.