William J. Bernstein at Efficient Frontier puts into perspective the various issue surrounding the Savings Glut. Bernstein is the author of three excellent books, The Intelligent Asset Allocator, The Four Pillars of Investing, and The Birth of Plenty. All of which are recommended.
Bernstein notes, as many have, the spector of investors shifting from asset class to asset class in search of a marginal increase in expected returns. However in the broad sweep of history the low expected returns of today’s global economy make some sense. The (short) piece is appropriate for those interested in some much needed historical perspective on modern capital markets.