Fed's Warsh tells G20 that past global savings glut is turning into investment surge

​U.S. Federal Reserve ​Chairman Kevin Warsh ‌on Monday ​told G20 finance leaders that the world is seeing ‌a global investment surge that is helping to power growth, reversing past savings gluts that kept ‌capital idle due to a shortage of investment opportunities. Warsh, ‌attending his first international economic policy meeting since taking office in May, told the G20 opening plenary session ⁠that ​he ⁠was looking forward to learning more about growth prospects among ⁠member economies.

Warsh said that during past G20 ​meetings, even before the 2008 global financial crisis, ⁠and in years since, participants would have been discussing "a ⁠global ​savings glut," but the situation has reversed. "If I were to try to characterize ⁠this moment, it would be one of a global ⁠investment ⁠surge," he said, adding that the notion of secular stagnation no longer ‌applied.