OK, to be honest I'd have to say that's as good as guess as any I've seen.
So much for honesty. Somehow it seems more accurate to believe that folks aren't borrowing because they don't want to go to all the trouble of building wealth only to hear the president say "you didn't build that" as he puts his heel to the business' throat.
I admittedly don’t know what it all means but reserves have skyrocketed since 2008
http://research.stlouisfed.org/fred2/series/TOTRESNS
Another part is increased lending standards as well as "shadow standards" that banks impose above and beyond those that are required.
Part of it is related to lack of small business creation.
Part of it is related to companies not wanting to increase debt/leverage (although that is easing) due to environment (regs and legs) uncertainty.
All these things coupled with "hoarding" are driving the reserves and the consequent collapse in velocity.