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July 20, 2006
The Chairman Speaks: The Savings Glut Persists
More from Chairman Bernanke's exchange with Senator Bennett during yesterday's testimony:
BENNETT: Do you still believe there's a global savings glut and that we can expect people to continue to want to put their money here?
BERNANKE: I think there still is a global savings glut. It may have moderated somewhat because of increased growth in some of our trading partners. But on the other hand, there's also been, of course, these large revenues that the oil producers are accumulating because of the high price of oil. They are not able to absorb - - use those revenues at home very quickly. So they are taking that money and putting it back into the global financial system. And so that's contributing to this overall global savings glut...
So I think there has been some change, but the broad idea that the global savings glut is out there I think is still valid.
Of what Mr. Bernanke speaks, in pictures:
Still looking pretty gluttish. The data, if you are interested:
UPDATE: Shame on me. I should have added this part of the discussion:
BENNETT: So you're suggesting that foreign investment in the United States is not about to dry up at any point soon?
BERNANKE: I don't think it's going to dry up. I do think that over a period of time we should become more reliant on our own saving and reduce the current account deficit.
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