While there are obvious imbalances in the US economy as outlined above, I would judge them to be smaller in aggregate than at a similar stage of earlier cycles, particularly if we give a lot of weight to inflation and financial stability.
Japan is in a weak state as it has been on several occasions over the past decade and its outlook is not improving. Europe has also slowed, but no obvious imbalances of the US type have emerged. We are presently in a period of sub-par growth for all three areas, and this is inevitably a time of great uncertainty.