If this stalls, the economy stalls.
The great expansion of debt, that Alan Greenspan dubbed The Great Moderation, started in 1981. How old were you then? You have lived in magical times since then.
Below is a weekly look at the rate of change of bank liabilities since the great debt crisis, which is alternatively called the Great Recession, the Financial Crisis, and the real estate crisis, among others.
Below is the S&P added with weekly Friday closing prices. After things started calming down the S&P and bank liabilities are correlated.