Finance.101.
The financial markets and the US economy are more complex than just credits and interest rates. He is not even considering what happens when the economy grows more than currently and people having more disposable incomes.
Bingo. The article has very static 1970s mentality.... As if Volker is the solution to everything.
Credit is not the only way for business to grow. We have GO-FUND-ME type sites that are going to grow massively. We have venture capitalists, some of whom want equity. But Mr Wonderful is often happy with offering non-bank credit.
Cryptocurrencies are going through a maturity step right now. But they will soon be as influential in Central Bank decisions as JP Morgan Chase or Goldman-Sachs, which of course, are also in cryptocurrencies.
New financial vehicles are going to emerge that nobody has even yet imagined. As with cryptocurrencies, there will be risks involved. The trick is to realize the risk.