Savings glut isn't just at the level of individuals though - as long as it's in the form of savings, it doesn't matter who does it, sovereign wealth funds, pens

Savings glut isn't just at the level of individuals though - as long as it's in the form of savings, it doesn't matter who does it, sovereign wealth funds, pension funds, social security, insurance companies, etc. But that's just on the supply side. The real problem is on the demand side of funds, we've run out of low-hanging fruits and marginal productive investments, whether in infrastructure, tech or labor are returning less than before, which drives the rates lower. This is in turn driving up the prices of existing profitable enterprises and premium real estate, squeezing out both productive ventures and labor.