[quote=Rich Toscano][quote=paramount] This is not the talk of a “doomsday” prophet — it is the talk of a realist.
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I don’t know whether he is a realist or not, but he is confused about monetary aggregates… bank reserves are not part of M2, which renders much of that article invalid.[/quote]

The author states that money shouldn’t be counted in M2 until in a depositors account.