credit continues to expand in the non-financial sector as well

credit continues to expand in the non-financial sector as well the attached graph also shows a turning point in 2008 - that's how the GFC was handled - by issuing more credit 😁 you can also see a steeper increase during COVID

it's not just the governments and financial institutions who are dependent on debt refinancing - the private non-financial sector as well remember than more than 70% of credit issuance is for servicing/refinancing of existing debt