Can the US grow without credit?


That is the question. Bank credit has been stalled for a year:

The base effect has caught up so we may not see deeper year-on-year falls:


To date, very weak private credit has been offset by two factors. First, a fiscal boom. Second, a bif business bond boom.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.