Is There a Constraint Coming From Reserves?

The money supply has sky rocketed over the last year and a half. With reserves, banks used to have 30 days to do that settlement,. by the way, so banks could actually run their reserves own. But now with computers, it a takes forty five days, so they te no longer to get their books settled. In the case of government bonds, i mean, i know somebunitary reformers make a song and dance about the government needing, according to legislation, to sell bonds ahead of actual spending. That sort of frequency is quite common.