I think it's hard to make the case that the saving glut has been created by the policies of the West. (hard does not mean impossible, but we'd be talking about a chain event. It's not the immediate consequence by any mean).
On the other hand, that it fails to address the root cause is clear enough. You would have had a bubble, Asia or no Asia, with those negative real interest rates for so long, coupled with next to no taxation on the proceeds of capital. "The womb that spawned that thing is fertile yet"
