Sentences to ponder

Data on “divisia money” (a well-known way of aggregating the components of broad money), computed by the Center for Financial Stability in New York, show that broad money (M4) was 17 per cent below its 1967-2008 trend in December 2012.

That is from Martin Wolf.  Wolf’s piece also raises the question of whether the Basil Moore/post Keynesian view of endogenous money is essentially correct in a world of IOR, but that is a topic for another day…