But, whether we like it or not, our economic recovery depends on bankers oiling the wheels of capitalism by providing credit to productive enterprises and deserving households.

BBC: Autumn Statement: Bankers hit by third levy increase

On its own, that could suggest that our economy has become permanently less productive as a result of the crisis: because, for example, credit now costs more or because it was the relatively more productive parts of the economy that were worst hit by the recession.

BBC: Is the Bank of England doing enough?

In these and other developing countries with weak capital markets, underfunded public schooling, and inadequate judicial systems and contract enforcement, the poor are likely to be elbowed out of access to jobs, credit, and other opportunities to be productive.

ECONOMIST: Rich man, poor man

These groups are exclusive: the most productive farmers do not want less able neighbours to spoil their collective credit history.

ECONOMIST: No title

This is what you normally see in the late stages of a credit binge, as more debt goes to increasingly less productive investments.

WSJ: Ruchir Sharma: China Has Its Own Debt Bomb

Credit and lending is simply a mechanism to efficient allocate scarce resources to productive sources.

FORBES: Ron Paul, Greece and the Tin Standard