In that regard, one also should not forget, that in the original Bretton Woods I system, the United States on average produced current account surpluses. In a nutshell: The “global savings glut” argument may be an explanation for the development of the US current account deficit; but it is not convincing proof of sustainability in the long run.
Indeed it could be argued that the “great moderation” – an undoubted success on the inflation/output metric – fostered, or at least allowed, a leverage build-up that was ultimately inimical to financial stability and hence macroeconomic stability.