WSJ features a page 2 column today that has this doozy of a point in it: For the administration, the answer is clear: Err on the side of continued expansionary policies...For fiscal conservatives, the answer is equally clear: Start cutting the federal deficit and slowing the growth in the money supply now... Earth to WSJ, the money supply (m2 nsa) is not expanding. The money supply peaked in February when it hit 8244.9 billion. Preliminary July data now shows money supply at 8326.7 billion. The stock market and economy are about to crash again because of this.
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