The Global Impact of US Money Supply

There's this big argument oh look at the size of US money supply relative to from where it was but actually if you look at against it nominal GDP it's now back to trend. The last time that happened was 1937 then you ended up with a very nasty recession so US money supply has fallen for the first time since before the World War II. Central banks don't have a playbook for this unless they go back to print more money and political appetite for that is negligible, he says. "We're in a sort of concert theme that we're into the unknown here"

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