Ben S Bernanke: The global saving glut and the US current account deficit Remarks by Mr Ben S Bernanke, Member of the Board of Governors of the US Federal Reserve System, at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, 10 March 2005. The references for the speech can be found on the Board of Governors of the Federal Reserve System’s website.
*  *  *  On most dimensions the U.S. economy appears to be performing well. Output growth has returned to healthy levels, the labor market is firming, and inflation appears to be well controlled. However, one aspect of U.S. economic performance still evokes concern among economists and policymakers: the nation's large and growing current account deficit.