Quantitative Easing Is Not Growing the Broader Money Supply

In the late 18 hundreds, deficits were not a big part of the money supply growth. All that money supply growth was actual bank lending d we also saw in the 19 seventies that a lot of the money Supply growth that we saw during that time was actually bank lending. But it was really a bank lending driven money supply growth period. And now in the 20 twenties is that you see a large fiscal stimulus. That's what drives themoney supply growth, rather than bank lending. Sover all, that should be inflationry, aspecialy if wis not combined with reductions in debt.