It's Abut Time Someone Did: Asian Officials Push Back Against Savings Glut Theory

On July 3rd, Andrew Batson at the Wall Street Journal reported: "Asian officials and scholars are pushing back against the notion that their countries' high savings helped cause the financial crisis by flooding the world with money, arguing that lax U.S. financial regulation bears the brunt of the blame."

Alan Greenspan and then Governor Bernanke made these arguments when the Fed was keeping the federal funds rate negative.