2022 is on pace to be the first calendar year in which the Money Supply has fallen in the last 60+ years, down 0.3% YTD.

My M2 data only goes back to 1959, but the Money Supply was said to have fallen nearly 30% during the Great Depression (from the fall of 1930 through the winter of 1933), leading to a decline in prices by a commensurate amount and a deflationary spiral in the economy. pic.twitter.com/Bh7dPuwqvB

— Charlie Bilello (@charliebilello) November 22, 2022