Why is the velocity dropping? The Fed is rolling up the banking network because of the seigniorage taxes.
Not only a multiplier less than one but a path toward default. There is no economy if there is no banking network. Menzie is not connecting the dots, he is going full flat earth. Nor have we double dipped since we never undipped. Menzie is using bad, unsettled data, he thinks this is a stationary process.
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