Barry Eichengreen says yes. In his op-ed yesterday for the Financial Times, Eichengreen writes that a lack of US growth may lead to a fall in the dollar's popularity, and the result could be a global liquidity shortage.
As the private sector deleverages, the economy faces the collective-action problem of a liquidity trap. The vicious cycle of lack of demand breeding even less demand can fundamentally alter the trajectory of the world economy if not handled properly. Look here for the latest new economic thinking on liquidity traps and how to prevent the economic tailspins they can create.