Not credit. Credit is gas. It is not inflation. It is not part of the money supply and counting credit just obfuscates the whole thing and makes it impossible to forecast or analyze anything based on the money supply. It is a straw man.
Nope. We have a credit-based economy. So does Japan. Japan has printed vastly more money than has the U.S., yet Japan has been stuck with deflation since 1989.
Japan has lost 21 straight years to deflation. Why? Credit destruction.