“the world is still awash in excess savings”

this is Keynesian bullshit

the reality is that Keynesian economics is a fundamentally flawed idea so the Keynesians have to come up with new theories every once-in-a-while to explain why their Keynesian policies aren’t producing the expected effects in the economy

‘excess savings’ is just the latest of those theories

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if we are lucky Keynesian economics will be completely discredited in the coming decade