Great interview here with Warren Mosler. In his eyes, government deficits in Europe and the UK are now large enough to stabilize GDP but not promote growth. Meanwhile the US deficit will remain high enough to support ~2% growth. As for China, Warren notes that throughout history practically all attempts to rein in inflation have resulted in hard landings. Overall this suggests little concern for stocks at current levels.
Apart from the discussion of growth relating to stocks, Warren also provides his usual great insight on the actual monetary operations of our nation (and others). More specifically, he discusses the ineffectiveness of monetary "stimulus" due to lost interest income, the ECB's back stop of illiquid (maybe insolvent?) banks and the role of deficits in supporting aggregate demand. These topics and more are presented in an extremely clear, concise manner in Warren's book The 7 Deadly Innocent Frauds of Economic Policy (which I'm currently reading free online).