We are at peak globalization, which is to say, we are at peak oil production. In order to expand growth for multinational agencies, the world has to have access to more oil. However, as the world demands more oil, the price of oil goes up to reflect that demand. As the price of oil goes higher, it impacts the ability to engage in globalization. Right before the 2008 catastrophe, Brent crude was at over $100/bbl and the world was at maximum extraction capability.
For those that don't know, a bbl is a blue barrel, which holds 42 US gallons of petroleum. When used, this will generate 13.6 kWh per gallon, or 571.2 kWh per barrel.
As a reference and in ideal conditions, the 2014 Tesla Model S 85 utilizes 0.380 kWh per mile travelled. Or, if the conversion technology was in place, a single barrel of oil can move the Model S 1503.15 miles. And that's only two to four people. The moment you start moving the goods and freight in the volume required to keep the prices low enough for mass consumption, that number drops dramatically. And if you raise the price of that oil while oil production itself is at maximum extraction across the entire globe, you will drive the price of modern civilization to almost unbearably expensive.
This is all to say growth cannot be separated from increased oil consumption. At our period in time, globalism requires more oil than it can extract to sustain its multiple decade streak of growth. Our previous consumption has pumped demographic capacity to the hilt within the confines of energy extraction. And once the Chinese come online and start demanding oil for their billions, we will have a full-blown oil shortage. This has prompted shale expansion, but that in turn has prompted nasty geopolitical strife between Saudi Arabia and Iran which is resulting in a cartel move to slash prices to flush out early stage competition. As the cartel reacts defensively in this environment, the world will be deprived of more and oil production to achieve the next level of global integration. This is why Russia is aggressively muscling its way around the Arctic and the Mediterranean. It's why China is moving into Africa. It's why the USA continues to support Saudi Arabia at all costs, no matter how many Arab nations get destabilizes and destroyed.
You need a tremendous amount of oil to sustain globalism, let alone provoke additional growth, and right now, the spigots are not flowing like they used to. No amount of monetary policy can fix that because ALL of American monetary policy is deeply pegged to global oil consumption.
Companies simply cannot grow when the world cannot grow, and so, they are awaiting the inevitable nationalizations of their global adventures with as big of a war chest as they can assemble.