Ansel Lindner’s Credit Cycle: “Something changes in the market, perhaps a new invention or new discovery, creating profitable business opportunities. That raises demand for loans and willingness by lenders to make those loans. They create the credit and systematically use it for the most profitable uses first. The economy booms, profitability is high, businesses are confident, banks can charge more for loans because demand is high, interest rates rise. As time goes on and more credit is extended, it goes to less and less profitable use cases dragging down the average profitability in the economy. This causes a drag on demand for new loans, fewer loans are given to more creditworthy borrowers with safer investments, funneling new money into "financial assets", reducing demand for loans and interest rates fall.”

https://www.bitcoinandmarkets.com/business-cycle-limiting-credit/