This represents the most rapid expansion in broad money in the economy since 2008.
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And it is not just the U.S. Global real broad money growth is close to zero.
Last year, America's broad money supply grew at its fastest in real terms for a quarter-century.
Bank lending is the single largest credit counterpart of broad money but by itself is not money.
Central banks now generally see broad money as passive, responding to the economic weather, not making it.
Looking only at M2, the U.S. broad money aggregate, it has only risen 20% in that time period.
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There has been a continuous drop in private sector lending (-0.8%) and no change to the broad money supply.
The Bank of England has been focusing on an underlying measure of broad money, which excludes holdings by specialist financial firms.
America's measure of broad money rose by only 1.6% in the year to April, and fell slightly in the second half of that period.
Rapid growth in America's broad money supply bears this out.
And with a dollarized monetary regime, the M3 measure of broad money would soar from its current anemic annual growth rate of about 6% to between 20% and 30%.
That would produce faster growth in broad money (for example, M1 or M2) and easier credit conditions, which could ultimately result in inflationary pressures unless we adopt countervailing policy measures.
However, expansion of the monetary base does not necessarily lead to growth in broad money, which measures the supply of credit to businesses and consumers and which ultimately drives inflation.
Broad money is growing by around 20% a year.
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But because banks are using central-bank liquidity to plug holes in their short-term funding, the money multiplier is collapsing: even as reserves swell, broad-money and credit growth is wilting.
Broad-money supply was flat in the euro zone in the 12 months to the end of March.
In America the annualised rate of broad-money growth over the past six months has been just 0.2%.
Although the European Central Bank, unlike all other big central banks, has not cut interest rates this year, broad-money-supply growth has quickened, to 5.0% in the year to March.
If the ratio of broad to base money were constant, such fears would be warranted.
You should note that the actual broad quantity of money (M2 for example) has barely grown since QE1 began in 2008.
In Britain, for example, despite continued quantitative easing, the broad measure of money supply fell by 4.1% in the year to August.
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The velocity of the M2 stock, a broad measure of money, is currently around 1.6, the lowest ever recorded by the Federal Reserve.
In the year to December, the broad measure of money supply fell by 0.2% in the euro zone and grew by just 3.4% in America.
Each of these policies would help to raise short-term interest rates and limit the growth of broad measures of money and credit, thereby tightening monetary policy.
For a long time, even as the Federal Reserve pushed short term interest rates to very low levels, the broad measure of money, M2, grew only around 5 percent per year.
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Mr Lieberman's bill sounds many of the same notes as Mr Bush's, consolidating the 50 current federal programmes into five broad categories, offering states far more flexibility in how they spend their money in return for hitting broad performance targets and including penalties for schools that fail to spend their money wisely (such as being turned into charter schools).
That means that money-conscious marketers that slashed their broad branding and newspaper ads to save money in the downturn will splurge this time around.
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The broad M2 measure of money supply grew by 19.7%, exceeding the official target of 17%.
The other, more threatening to Mr Gore, concerns broad questions about Democratic money flows during the 1996 election.
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