Future demand

 When Abe implemented the consumer tax in Japan,  people saw consumer inflation, ex ante, as everyone stocked up before the tax arrived.

We have done a lot of that, in the USA.  But we don't keep a year of inventory, not well. In the north they are good at it, but out here, nah.  We have moved so much consumption forward that we are buying in yearly quantities with high inventory costs.  That is what velocity dropping means, typically the yearly inventory cycle for consumer goods. How many steps through the pipeline. We have fewer steps, we have to buy in larger quantities, less often. Banks are losing clicks.  

That is because we face a spiral of increasing banks taxes, apparently forever.  The opposite of that bank wedge is granularity or entropy, banks making the supportable paths available and independent. So, the more that banks can chew down to smaller and smaller chunks, the greater entropy; we will all have more paths forward and visible. That is also called liquidity. We need o free the Swift banks.