On Mon, 2008-09-29 at 23:08 -0400, Julio Huato wrote: > Charles wrote: > > > How about M1 + M2+ M3+M4 ? > > If M3 and M4 are defined, then M4 nests M3, which nests M2, which > nests M1. If you add them up like that, then you are quadruple > counting M1, triple counting the non-M1 parts of M2, and double > counting the non-M2 parts of M3.
M1/2/3/4 are defined by economists, which means they are useless for just about anything. You go for accounting since money is debt created by private banks (plus the tiny amount of central bank debt in the form of bill and coins, also called M0), the details are in the Z1 report: http://www.federalreserve.gov/releases/z1/ Table D.3 Debt outstanding by sector As of Q2 3008, sum of about 51 trillions USD. Do the same for all currencies, and you have the total amount of fiat money in the world. Laurent _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
