Credit-Cycle

1 article

China-Economy Credit-Cycle Debt-Cycle Deflation Disneyland Effective-Demand Los-Angeles Macroeconomics Monetary-Policy Overcapacity Productivity Road-Trip Tesla Travel-Guide Value-Theory
/images/default1.jpg

How the Economic Machine Works: Productivity Sets the Direction, Credit Creates the Cycles

Wednesday, Jul 22, 2026

Starting from a single transaction, this essay explains how credit drives booms and busts, why long-term debt eventually requires deleveraging, and why productivity is necessary—but not sufficient—for prosperity.
@
14 minute read

© 2026 by William Liu

🌱 Powered by Hugo with theme Dream.

EN
· 中
|
About Me

Hi, I’m William Liu.

This is my personal blog where I share my thoughts and experiences.

Social Links