Where Are We in the Credit Cycle?

When you zoom into a hyperinflation the chart is fractal. A constant collapse in value. The past 50 years is a slow-motion inflation of credit. History says there's no way to abort this trend without major damage. The peak in the total credt-to-GDP ratio 2009 was a result of the financial crisis. Is this a giant base with 2020 pointing the way north? Or was 2020 an overthrow creating a complex double top?