Not sure if the world has a glut of real savings. It does have a glut of liquidity and a huge steaming pile of IOUs that virtually ensures there will be no end

Not sure if the world has a glut of real savings. It does have a glut of liquidity and a huge steaming pile of IOUs that virtually ensures there will be no end to printing of new money for years to come. So markets are thinking "central banks will never allow another 2008 to happen. What could possybli go wrong!!" and throw billions at Snapchat and Somali pirate bonds. There are cheap financial assets. Basically any tail hedge that would benefit if it ever turns out that it's simply not up to central banks to fully decide what happens and when. Death may have taken a holiday but his return to work won't be announced much in advance.