The latest article from Martin Wolf, titled Creditors can huff but they need debtors is probably his best. Martin Wolf correctly identifies the problems with world imbalances:

Blessed are the creditors, for they shall inherit the earth. This is not in the Sermon on the Mount. Yet creditors believe it: if everybody were a creditor, we would have no unpaid debts and financial crises. That, creditors believe, is the way to behave. They are mistaken. Since the world cannot trade with Mars, creditors are joined at the hip to the debtors. The former must accumulate claims on the latter. This puts them in a trap of their own making.

Also, as usual, he has the best charts. You can read the rest here.