Do Bank Deposits Matter?

In one case, it's what we call a composition effect. The problem is you have too much money and not enough bonds. That's standard monetary theory. In my case, what matters is the total amount of money plus bonds overall. It's fundamentally different economics. Not semantics. But, so Milton would say there is a distinction. Is it, there must be. There has to be something more going on than defining money in slightly different ways.