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| Long term, there is no dispute about what you say, John. The only argument I have is when someone uses a long term trend to predict shorter term. And, when someone assumes they can predict long term when it is obvious that they cannot predict short term moves.
As for money creation - I think we need to pay attention to this chart in addition to a chart of new money creation.
(Money velocity.png)
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Money velocity.png (50KB - 86 downloads)
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