I have always read that credit is the grease in the gears of the economy. Is that right?

Conventional economists excuse and praise the debt-money system under the erroneous belief that expanding money and credit promotes economic growth, which is terribly false. It appears to do so for a while, but in the long run, the swollen mass of debt collapses of its own weight—which is deflation—and destroys the economy. We saw a grim “preview” of that during the 2007-2009 deflationary plunge. One could say rather that credit is the molasses in the gears of the economy.