OK, I think the difference is whether the amount of money is fixed. If it were, global investment would equal global savings. In any case, it's locally possibl

OK, I think the difference is whether the amount of money is fixed. If it were, global investment would equal global savings. In any case, it's locally possible to invest more (in nominal terms) than savings, both because money supply is increasing and there are always local imbalances. Typically, interest rate differentials take care of this in a free market. Reducing the interest rate in Germany would be one cure, another one would be hiking it in the importing countries. So I don't see the blame at one side only.