The weakening global economy
The graph below shows the evolution of world GDP, and it is clear that the global economy is slowing down (source here), from a growth rate of more than 4% after the crisis to around 2% this year.
In particular, the slowdown is taking place in rich countries, but also in the emerging markets, with the exception of the BRICs. However, note that within the BRICS, Brazil slowed down significantly, from 7.5% in 2010 to around 1% last year, and Russia slowed down somewhat (from 4.6% to 3.5% in the same period) from levels that were not that impressive, while China and India also slowed down, but still maintain high levels of growth (slightly below 8% and around 6%, respectively).
In other words, China and India are growing, but the others not so much. Not a very good scenario. Austerity has been winning globally, and a global Keynesian push is more needed than ever.