With this general framework in mind, here’s how I’ve been thinking about the global macro outlook for a while: It is driven by the interaction among what I call the “three gluts”: the savings glut, the oil glut and the money glut. While the global savings glut is likely the main secular force behind the global environment of low growth, lowflation and low interest rates, both the oil and the money glut should help lift demand growth, inflation and thus interest rates from their current depressed levels over the cyclical horizon. ... Why is it, to simplify further, that everybody wants to save more but nobody wants to invest? ... The oil glut helps to mitigate the depressing impact of the savings glut on consumer demand by shifting income from oil producers, who have a high propensity to save, to consumers, who typically spend most of their income. ... We expect more monetary easing to come, particularly in China and in many commodity-producing countries, so the global money glut, which is already increasing due to heavyweights like the European Central Bank and the Bank of Japan executing their asset purchase programs, will swell further.