Use of global savings: Many possible improvements

The global private savings rate has risen markedly in the past 20 years. These additional savings have financed current fiscal deficits, but not higher public investments. Moreover, from a geographical point of view, the excess savings of all regions of the world (Europe, China, emerging countries, oil exporters) are lent to the United States, the richest country in the world, whose external deficit is linked to the increase in the fiscal deficit. So we can see the whole range of inefficiencies in the use of global savings: financing of current fiscal deficits, especially in the United States, while productive investments should be financed in poor countries .