I'm sure it's been observed before, but the world is getting older. Japan and the US are examples, but China's another one. I'll be foolish and apply my own experience to the rest of the world. The older I get the more I save, partly because it's more important to have security for the future and partly because my desires are less. Or in other words, I'm more set in my ways.
Extrapolate that pattern world wide and maybe we have more savings, more capital than investment opportunities and thus lower interest rates.
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