The "world" doesn't need 100 trillion more credit,
the banks need 100 trillion more new loans.

If the loans are not created, or refinanced fast enough, the whole fractional reserve lending system implodes.

And when the banking system implodes, many people find that they have no money anymore, which is felt to be a bad thing.
But, for the 90% of people, those who live hand to mouth, this disruption is usually harsh but short as people work out new forms of exchange.