Indeed, the implications of laying credit to the war has wide implications. It throws Austrian theory (and common sense) out the window. How is diverting productive capacity to things that don’t increase wealth and in fact destroy real wealth create a better economy?
The good news, though, is the returning troops and military factory workers put all that credit to good productive use, more than not. Which did benefit the economy over the following years.
What does our debt (”credit”) do now? Expand welfare and unproductive government programs? We are in deep kimchi.