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M2 Rises To Fresh All Time Record, 19 Of 21 Consecutive Weekly Increases

Courtesy of Tyler Durden

One of the funniest lines in Bernanke’s speech last 60 Minutes speech is when he said that the currency in circulation has not increased despite his monetary easing – ergo there is no inflation. Of course, as even doorknobs know by now currency is merely one component of physical and binary money out there. But trust a pathological liar to expect 60 Minutes’ viewers to be dumb as a bag of hammers. Of course, a far more important metric of the moneyness of the system, is the M2 aggregate (technically M3 is far more important, but as per the Fed’s March 23, 2006 decision, M3 was discontinued as “M3 does not appear to convey any additional information about economic activity that is not already embodied in M2 and has not played a role in the monetary policy process for many years. Consequently, the Board judged that the costs of collecting the underlying data and publishing M3 outweigh the benefits.” Ah yes, the Fed is worried about costs…) Anyway, the M2 has just risen to a fresh all time record: in the week ended November 29, Seasonally Adjusted M2 was $8,812.2 billion, which is the 19th week of the last 21 in which this metric has increased. Is inflation about to prove just how much of a monetary phenomenon it really is? But not to worry – the Chairman is well ahead of everyone in withdrawing all of this excess money already percolating through the economy.

And here are the components of the M2:


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