Yeah, typically in recessions credit dries up as lenders become more risk averse. But I think if credit is needed and there are productive uses for it’ll be extended.

Under a Bitcoin standard I think cost of capital would be waaaay higher. Which in the end markets would set the rate but I think if cost of capital was higher then it would flush out a ton of the crap from economies and leave only the best, most productive borrowers as legitimate candidates for creditors. I think it would be a huge net positive for society.