The evolution of 100 percent reserve banking

Mark Thoma directs us to the following:

So, for these folks: good news! We don't have fractional reserve banking
anymore.

In statistics-speak, since last November, the monetary base has exceeded M1,
which means, more or less, that bank reserves (plus surplus vault cash) exceed
liquid deposits.

In fact, as of December it seems we had 121 percent reserve banking, give or take.