Also I don't think the business cycle theory as presented in the video is complete. You can't say that the business cycle is caused by credit or that credit causes a bubble. Sometimes it's probably like this, but there are mitigating factors. For example, economies with stable currencies don't have these sorts of things. I don't really understand why except that a currency monopoly controls the nominal economy, which makes it able to keep lots of the reduction in demand for credit from turning into reduced nominal growth. Or something to that effect.