Fiat Money Supply Contracting at Great Depression Level

The bankster operative who helped destroy Glass-Steagall is back.

Larry Summers, Obama’s top economic adviser, has told Congress to “grit its teeth” and approve a fresh fiscal boost of $200 billion to keep growth on track, reports the Daily Telegraph. “We are nearly 8m jobs short of normal employment. For millions of Americans the economic emergency grinds on,” he said.

The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the stimulus boondoggle. (more)