As mentioned above without QE we would have likely experienced deflation in much of the world. Even modest deflation is very hard for an economy to overcome therefore the world economy would likely still be experiencing deflation, along with likely negative economic growth
Deflation due to bankruptcies? How is the money supply deflated?
Prices of some things have dipped a bit, but I think you are talking about something more substantial than what we have seen in oil, gold, and bitcoin over the last year.
After working in coin for a while it seems so hard to say anything conclusive with fiat because nobody knows the money supply.