From this great Blackstone piece:

The whole world is suffering from too much debt.  As a result, growth almost everywhere is going to be slow.  I know you believe the problem is insufficient demand, but the major industrialized countries already have considerable debt and do not want to add any more to it to stimulate the consumer.  Japan is an exception.  They already have the highest debt to Gross Domestic Product (GDP) of any major country and they are willing to add more.  China is an exception on the other side.  They are in a position to take on more debt because their debt to GDP ratio is low.  Without more fiscal stimulus, demand will be tepid and growth will be disappointing.  This is the state of the world now, and it is likely to endure for some time.  In the near term, I don’t see a calamity, just sluggish economies and many equity markets not doing much.