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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: s-words who wrote (99063)5/2/2001 4:57:44 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
Allan, the so-called monetary base IS contracting. it is however also a useless measure for the money supply, contrary to the broad measures MZM and M3. the reason why the monetary base is contracting is that it includes vault cash at depositary institutions, and i believe it is that component which is declining (since the currency component of M1 clearly isn't).

it has no effect whatsoever on the economy whether there is or isn't a lot of cash in vaults. so Kudlow is as usual barking up the wrong tree.
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