There is no growth... like credit-growth-fuelled growth...
Via Pictet, two charts plotting US economy:
Note: credit impulse is, loosely, growth in credit supply.
So one day, some day, things will turn out to be anchored in real growth - productivity, new tech, shift to higher quality, new demand, new demographics... until then, there is always a credit boom-and-bust. Don't believe me? Last chart shows that underlying growth drivers are currently close to those in 2004-2008.
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