I think the point you're driving at is: it will be harder to get loans.

As others point out: it's about tradeoffs. In the current world that's an upward difficulty adjustment in loan mining is justified. There are so many bullshit business that never had any place expending resources in the first place. Big banks who loaned the money get bailed out by the Fed and you pay for it. It's not sustainable and we're feeling the effects.

What's the right sweet spot? Not sure, but as you point out emergent markets will take hold and probably find it.+