While I have no time for fiat-money central banking, the Bank of Canada’s David Dodge at least offers some integrity.

“However, when imbalances grow at an unsustainable pace, as appears to be the case at present, some form of correction must take place. If markets are allowed to operate without interference, imbalances can resolve themselves in a reasonably smooth manner. But in the absence of appropriately functioning market mechanisms, there is a greater risk that the correction will be abrupt and disorderly. Beyond disruption to financial markets, a disorderly correction might also lead governments to adopt wrong-headed protectionist measures, which would then exacerbate the damage to the global economy.

But regardless of how these imbalances are resolved, it is clear that the resolution will require greater net national savings in the United States. Investment in the U.S. economy will need more financing from domestic sources—be it from the household, business, or government sectors—and less from foreign sources. This implies an increase in net U.S. exports and a decrease in net exports elsewhere in the world, as well as an increase in domestic demand in other countries.”

…
“With global inflation and interest rates already low, it could be argued that, when the expected increase in desired savings materializes, there will be a risk that global nominal interest rates would hit zero before real interest rates had fallen sufficiently to restore the balance between desired investment and savings.”

Remarks by David Dodge, Governor of the Bank of Canada, to the Spruce Meadows Roundtable.