Last week, in an article for Goldmoney I explained why when tied convincingly to gold, commercial bank credit grows on a non-inflationary basis when distortions from the lending cycle are removed.

Source: https://www.lewrockwell.com/2023/07/alasdair-macleod/the-bell-tolls-for-fiat/

Thegrew at a 2.1 percent pace in the April-June quarter and is expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8 percent.

Source: https://business.inquirer.net/428830/us-third-quarter-economic-growth-seen-fastest-in-nearly-2-years