Lobal saving glut vs. excess elasticity

ESSAY QUESTION:
Critically assess Ben Bernankei??s i??global savings gluti?? view of global imbalances. How well does this explain global imbalances and the economic crisis? Provide a clear economic reason for your answer.
Remember to use economic theory as far as possible to organise your answer and provide an assessment. Use credible, and preferably academic sources for quotes and background information i?? journal articles, official reports (eg from the IMF) and working papers by academics are all good. Blogs are more dubious. Wikipedia is definitely out.
Word limit: 2,500

SELECTED READING:
Bernanke, B. (2005), i??The Global Savings Glut and the US current account deficiti??, Remarks by Governor Ben S. Bernanke at the Sandridge Lecture, Virginia Association of Economists, Richmond, VA.
Borio, C. and Disyatat, P. (2011), i??Global imbalances and the financial crisis: link or no link?i??, BIS Working Papers no.346, Bank for International Settlements, Geneva
Eichengreen, B. (2009), i??The financial crisis and global policy reformsi??, Federal Reserve Bank of San Francisco Asia Economic Policy Conference, October 18-20
Krugman, P. (2009), i??Revenge of the gluti??, New York Times