Without credit growth, there isn't enough liquidity to finance the ponzi scheme called an economy. That's where budget deficits financed by money printing come in.
Take a look at the graph below - it is clear that year-over-year credit growth remains far below historical norms. Unless credit growth magically picks up, the recovery is no more sustainable than it was in 2010 and we will see a return of deflationary forces. This will be the Fed's cue to further inflate.