What an odd discussion this is.  Don't economists still believe in 
supply and demand?  That works for credit, too.  Banks don't 
"create" loanable funds out of thin air -- but savings aren't 
created out of thin air, either.  Both occur within the context of 
A MARKET.  Supply and demand.  Overfocusing on savings is insisting 
that it is all supply, no demand.  Implying that supply is insensitive 
to changes in interest rates as well as other changes in the market. 
Doesn't strike me as a very "economic" analysis. -- Mary Schweitzer