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The economy of the 21st century in the OECD countries and in China, is characterized by a new phenomenon: the structural surplus of private savings in relation to private investment. On the one hand, this excess saving is due to people's increasing inclination to save in light of rising life expectancy. On the other hand, investment is not keeping pace with the rising desire to save. The resulting gap between the private desire for wealth and private investment can only be closed by increasing public debt.