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The growth in bank credit slowed to 32% in the year to December, but that is still far too fast.
Away from housing loans, the annual rate of growth in consumer credit slowed to 6.4% last month from 7.2% in October.
Annual growth in housing credit slowed to an all-time low of 4.5 percent at the end of 2012, a long way from the double-digit pace common in the previous two decades.
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Credit slows further, and growth with it.
Now we have a slower China, tighter credit, slower growth and lower commodity prices all happening at once, so countries that were eager to borrow are crunched.
The recent scarcity of credit has slowed this practice, Mr. Mugni said.
Buffett said this during the summer, before high oil prices (and before the full force of the credit hurricane) slowed the world's thirst for oil.
Signs of improvement in the credit markets slowed on a day when Alan Greenspan, testifying before a House committee, told lawmakers, "We are in the midst of a once-in-a-century credit tsunami".
It remains to be seen whether the economic crisis will undo the benefits of the commodity boom and new investment programmes for many African economies.It has certainly reduced the availability of credit and slowed investment and trade.
The roll-out of universal credit is slowing down, wisely.
But Australia also claimed it deserved credit for slowing down its rate of land-clearing.
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