Different industries could experience drawdowns, but under a supply based economy (real money), there is no logical reason for unrelated industries to be connected.  Capital flees one industry to go to another.

While as under fractional reserve banking, the money created leads to malinvestment, where they think there will be all of this return, but in fact, it’s due to the artificial credit boom.

Under the system Austrian economics proposes, people are not stopped from lending to each other.  The primary difference being that those who are lending, know their funds are tied up and can not access them for a given period of time.  This prevents them from thinking they can use these assets to pay down debt.

The yield curve inverts during a credit crunch, as more money is needed in the present than exists.
The assets are in the future, but the liabilities are due now.